Arizona State Retirement System Has $1.29 Million Holdings in Flowserve Co. (NYSE:FLS)

Posted by Defense World Staff on Jul 23rd, 2023

Arizona State Retirement System raised its holdings in shares of Flowserve Co. (NYSE:FLS – Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,869 shares of the industrial products company’s stock after buying an additional 991 shares during the quarter. Arizona State Retirement System’s holdings in Flowserve were worth $1,288,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Harbour Investments Inc. lifted its holdings in shares of Flowserve by 79.5% during the fourth quarter. Harbour Investments Inc. now owns 1,581 shares of the industrial products company’s stock worth $49,000 after buying an additional 700 shares during the last quarter. Gyon Technologies Capital Management LP acquired a new position in shares of Flowserve in the fourth quarter valued at $58,000. Captrust Financial Advisors raised its stake in shares of Flowserve by 17.1% in the second quarter. Captrust Financial Advisors now owns 2,073 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 303 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Flowserve by 22.3% in the fourth quarter. Macquarie Group Ltd. now owns 2,290 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 417 shares in the last quarter. Finally, CI Investments Inc. acquired a new position in shares of Flowserve in the fourth quarter valued at $94,000. 97.77% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Price Performance

Shares of FLS stock opened at $37.45 on Friday. The stock’s fifty day moving average is $36.08 and its 200-day moving average is $34.48. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.26 and a current ratio of 1.92. The stock has a market capitalization of $4.91 billion, a PE ratio of 21.40, a PEG ratio of 0.95 and a beta of 1.64. Flowserve Co. has a 52 week low of $23.89 and a 52 week high of $38.88.

Flowserve (NYSE:FLS – Get Free Report) last announced its earnings results on Monday, May 1st. The industrial products company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.26 by $0.14. The company had revenue of $980.31 million for the quarter, compared to analysts’ expectations of $898.83 million. Flowserve had a return on equity of 10.44% and a net margin of 6.13%. The business’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 earnings per share. Equities research analysts expect that Flowserve Co. will post 1.8 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Friday, June 23rd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, June 22nd. Flowserve’s dividend payout ratio (DPR) is presently 45.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FLS. StockNews.com upgraded Flowserve from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. The Goldman Sachs Group upped their target price on Flowserve from $27.00 to $30.00 and gave the company a “sell” rating in a research note on Friday, April 14th. Mizuho upped their target price on Flowserve from $37.00 to $40.00 in a research note on Wednesday, May 3rd. Royal Bank of Canada upped their target price on Flowserve from $34.00 to $38.00 in a research note on Wednesday, May 3rd. Finally, Stifel Nicolaus upped their price target on Flowserve from $42.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.00.

Flowserve Company Profile

(Free Report)

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, the Middle East, Africa, Asia Pacific, and Europe. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines.