Louisiana State Employees Retirement System boosted its holdings in Flowserve Co. (NYSE:FLS – Free Report) by 10.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,300 shares of the industrial products company’s stock after acquiring an additional 3,600 shares during the period. Louisiana State Employees Retirement System’s holdings in Flowserve were worth $1,423,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of FLS. Hyman Charles D bought a new stake in shares of Flowserve during the first quarter valued at approximately $214,000. Clear Street Markets LLC acquired a new position in shares of Flowserve during the fourth quarter valued at approximately $147,000. SG Americas Securities LLC increased its stake in shares of Flowserve by 110.8% during the second quarter. SG Americas Securities LLC now owns 86,944 shares of the industrial products company’s stock valued at $3,230,000 after acquiring an additional 45,699 shares during the period. Benedetti & Gucer Inc. acquired a new position in shares of Flowserve during the first quarter valued at approximately $241,000. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Flowserve by 12.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 51,568 shares of the industrial products company’s stock valued at $1,753,000 after acquiring an additional 5,796 shares during the period. Institutional investors own 94.50% of the company’s stock.
Analyst Ratings Changes
Several research analysts have issued reports on FLS shares. Stifel Nicolaus lifted their price target on shares of Flowserve from $42.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, July 19th. StockNews.com started coverage on shares of Flowserve in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Jefferies Financial Group upgraded shares of Flowserve from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $50.00 in a research report on Tuesday, September 26th. Morgan Stanley lifted their price target on shares of Flowserve from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 price target on shares of Flowserve in a research report on Friday, September 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Hold” and a consensus price target of $41.80.
Flowserve Trading Down 1.7 %
Flowserve stock opened at $38.25 on Wednesday. The company’s fifty day simple moving average is $38.96 and its 200-day simple moving average is $36.35. The company has a quick ratio of 1.29, a current ratio of 2.00 and a debt-to-equity ratio of 0.65. Flowserve Co. has a 12 month low of $23.89 and a 12 month high of $41.01. The stock has a market cap of $5.02 billion, a P/E ratio of 21.25, a P/E/G ratio of 0.92 and a beta of 1.57.
Flowserve (NYSE:FLS – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $979.68 million. Flowserve had a net margin of 5.98% and a return on equity of 11.76%. Flowserve’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. As a group, sell-side analysts forecast that Flowserve Co. will post 1.97 EPS for the current fiscal year.
Flowserve Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, September 21st. Flowserve’s dividend payout ratio is presently 44.44%.
About Flowserve
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.
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