Steward Partners Investment Advisory LLC Sells 692 Shares of Flowserve Co. (NYSE:FLS)

Steward Partners Investment Advisory LLC lowered its stake in shares of Flowserve Co. (NYSE:FLSGet Rating) by 30.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,577 shares of the industrial products company’s stock after selling 692 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Flowserve were worth $57,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd bought a new stake in Flowserve during the 4th quarter worth about $47,000. National Bank of Canada FI bought a new position in shares of Flowserve in the 4th quarter valued at about $67,000. Longfellow Investment Management Co. LLC bought a new position in shares of Flowserve in the 4th quarter valued at about $100,000. Fox Run Management L.L.C. bought a new position in shares of Flowserve in the 4th quarter valued at about $241,000. Finally, Neo Ivy Capital Management boosted its stake in shares of Flowserve by 113.1% in the 4th quarter. Neo Ivy Capital Management now owns 7,998 shares of the industrial products company’s stock valued at $245,000 after purchasing an additional 4,244 shares during the last quarter. Institutional investors own 97.65% of the company’s stock.

Flowserve Stock Performance

Shares of FLS stock opened at $33.64 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.40 and a current ratio of 2.09. The company has a market capitalization of $4.40 billion, a P/E ratio of 46.08, a price-to-earnings-growth ratio of 1.37 and a beta of 1.58. The company’s 50 day moving average price is $29.88 and its two-hundred day moving average price is $31.89. Flowserve Co. has a 52 week low of $26.84 and a 52 week high of $43.63.

Flowserve (NYSE:FLSGet Rating) last announced its earnings results on Wednesday, July 27th. The industrial products company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. The firm had revenue of $882.22 million for the quarter, compared to the consensus estimate of $886.53 million. Flowserve had a net margin of 2.74% and a return on equity of 8.12%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $0.37 EPS. On average, analysts expect that Flowserve Co. will post 1.52 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 24th were issued a $0.20 dividend. The ex-dividend date was Thursday, June 23rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.38%. Flowserve’s dividend payout ratio (DPR) is presently 109.59%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FLS shares. Stifel Nicolaus reduced their target price on shares of Flowserve from $42.00 to $35.00 in a research note on Wednesday, May 4th. Citigroup raised their target price on shares of Flowserve from $33.00 to $39.00 in a research note on Monday. Royal Bank of Canada reduced their price objective on shares of Flowserve from $38.00 to $33.00 in a research note on Wednesday, May 4th. Bank of America raised shares of Flowserve from an “underperform” rating to a “neutral” rating and set a $31.00 price objective on the stock in a research note on Monday, July 11th. Finally, Morgan Stanley lifted their price objective on shares of Flowserve from $32.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 7th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.13.

Flowserve Profile

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Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. It operates in two segments, Flowserve Pump Division (FPD) and Flow Control Division (FCD). 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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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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