Sumitomo Mitsui Trust Group Inc. raised its position in Flowserve Corporation (NYSE:FLS – Free Report) by 31.8% in the third quarter, Holdings Channel reports. The institutional investor owned 60,072 shares of the industrial products company’s stock after purchasing an additional 14,505 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Flowserve were worth $4,392,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Vise Technologies Inc. acquired a new stake in shares of Flowserve during the 3rd quarter valued at about $269,000. MGO One Seven LLC acquired a new stake in Flowserve in the third quarter valued at approximately $277,000. Partners Wealth Management LLC acquired a new stake in Flowserve in the third quarter valued at approximately $229,000. D.A. Davidson & CO. increased its position in shares of Flowserve by 13.1% in the third quarter. D.A. Davidson & CO. now owns 46,813 shares of the industrial products company’s stock valued at $3,423,000 after buying an additional 5,416 shares in the last quarter. Finally, Robeco Schweiz AG purchased a new stake in shares of Flowserve in the third quarter valued at approximately $1,305,000. Institutional investors and hedge funds own 93.93% of the company’s stock.
Wall Street Analyst Weigh In
FLS has been the subject of several research analyst reports. Citigroup upped their target price on Flowserve from $92.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. The Goldman Sachs Group set a $82.00 price target on shares of Flowserve in a research note on Thursday, July 30th. Robert W. Baird set a $93.00 price target on shares of Flowserve in a report on Friday, July 31st. Royal Bank Of Canada upped their price objective on shares of Flowserve from $88.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Finally, Wall Street Zen raised shares of Flowserve from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $86.44.
Check Out Our Latest Stock Analysis on FLS
Flowserve Price Performance
Shares of Flowserve stock traded up $2.22 during mid-day trading on Friday, reaching $80.26. 2,021,999 shares of the stock traded hands, compared to its average volume of 1,796,891. The stock has a market capitalization of $10.18 billion, a PE ratio of 40.33, a PEG ratio of 1.77 and a beta of 1.28. The business has a 50-day moving average of $74.21 and a 200 day moving average of $76.53. Flowserve Corporation has a fifty-two week low of $63.27 and a fifty-two week high of $92.41. The company has a quick ratio of 1.53, a current ratio of 2.10 and a debt-to-equity ratio of 0.86.
Flowserve (NYSE:FLS – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.09. Flowserve had a return on equity of 22.14% and a net margin of 5.42%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The business’s revenue was up 5.4% on a year-over-year basis. On average, analysts predict that Flowserve Corporation will post 4.16 EPS for the current year.
Flowserve Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Friday, September 25th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Friday, September 25th. Flowserve’s payout ratio is 44.22%.
Flowserve Profile
Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.
Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.
Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.
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