Comerica Bank trimmed its stake in shares of Flowserve Co. (NYSE:FLS – Get Rating) by 1.3% in the third quarter, HoldingsChannel.com reports. The fund owned 59,772 shares of the industrial products company’s stock after selling 757 shares during the quarter. Comerica Bank’s holdings in Flowserve were worth $1,603,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of FLS. Envestnet Asset Management Inc. bought a new stake in shares of Flowserve during the 1st quarter valued at $208,000. Raymond James & Associates lifted its holdings in shares of Flowserve by 70.7% during the 1st quarter. Raymond James & Associates now owns 113,597 shares of the industrial products company’s stock worth $4,078,000 after acquiring an additional 47,032 shares during the period. American Century Companies Inc. lifted its holdings in shares of Flowserve by 15.1% during the 1st quarter. American Century Companies Inc. now owns 14,896 shares of the industrial products company’s stock worth $535,000 after acquiring an additional 1,950 shares during the period. US Bancorp DE boosted its holdings in shares of Flowserve by 11.0% in the 1st quarter. US Bancorp DE now owns 8,139 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 807 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Flowserve by 3.2% in the 1st quarter. Bank of Montreal Can now owns 159,979 shares of the industrial products company’s stock valued at $5,667,000 after purchasing an additional 4,900 shares in the last quarter. 99.88% of the stock is currently owned by institutional investors.
Flowserve Stock Up 2.2 %
Shares of NYSE:FLS opened at $33.29 on Friday. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 52.02, a P/E/G ratio of 1.53 and a beta of 1.61. The business’s 50-day moving average is $31.26 and its 200-day moving average is $30.02. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.04 and a quick ratio of 1.32. Flowserve Co. has a 1 year low of $23.89 and a 1 year high of $37.59.
Flowserve Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were paid a $0.20 dividend. The ex-dividend date was Thursday, December 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.40%. Flowserve’s dividend payout ratio (DPR) is presently 125.00%.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Credit Suisse Group lifted their target price on Flowserve from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, November 2nd. Royal Bank of Canada dropped their price target on Flowserve from $25.00 to $23.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 2nd. Citigroup increased their price target on Flowserve from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, December 9th. Mizuho increased their price target on Flowserve from $33.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, January 13th. Finally, Morgan Stanley lifted their price target on Flowserve from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Friday, January 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Flowserve has an average rating of “Hold” and a consensus target price of $31.63.
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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