Federated Hermes Inc. Raises Stock Holdings in Flowserve Co. (NYSE:FLS)

Federated Hermes Inc. boosted its position in Flowserve Co. (NYSE:FLS – Get Rating) by 8.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 41,246 shares of the industrial products company’s stock after purchasing an additional 3,271 shares during the period. Federated Hermes Inc.’s holdings in Flowserve were worth $1,002,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of FLS. Nuveen Asset Management LLC boosted its stake in shares of Flowserve by 13.5% during the third quarter. Nuveen Asset Management LLC now owns 2,430,208 shares of the industrial products company’s stock valued at $59,054,000 after purchasing an additional 289,920 shares during the period. John G Ullman & Associates Inc. boosted its stake in shares of Flowserve by 9.0% during the third quarter. John G Ullman & Associates Inc. now owns 239,390 shares of the industrial products company’s stock valued at $5,817,000 after purchasing an additional 19,750 shares during the period. Woodstock Corp boosted its stake in shares of Flowserve by 63.1% during the third quarter. Woodstock Corp now owns 63,399 shares of the industrial products company’s stock valued at $1,541,000 after purchasing an additional 24,520 shares during the period. Eagle Bay Advisors LLC boosted its stake in shares of Flowserve by 222.4% during the second quarter. Eagle Bay Advisors LLC now owns 1,783 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 1,230 shares during the period. Finally, Brown Advisory Inc. boosted its stake in shares of Flowserve by 8.0% during the third quarter. Brown Advisory Inc. now owns 845,822 shares of the industrial products company’s stock valued at $20,553,000 after purchasing an additional 62,890 shares during the period. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Flowserve Price Performance

Shares of NYSE:FLS opened at $31.58 on Tuesday. Flowserve Co. has a 1-year low of $23.89 and a 1-year high of $37.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.97 and a quick ratio of 1.33. The business has a fifty day moving average price of $33.99 and a 200-day moving average price of $30.76. The company has a market capitalization of $4.14 billion, a PE ratio of 22.08, a PEG ratio of 0.90 and a beta of 1.61.

Flowserve (NYSE:FLS – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The industrial products company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.43 by $0.20. Flowserve had a return on equity of 8.14% and a net margin of 5.22%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm posted $0.45 earnings per share. Flowserve’s revenue was up 13.0% compared to the same quarter last year. As a group, equities analysts expect that Flowserve Co. will post 1.66 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 7th. Investors of record on Friday, March 24th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, March 23rd. This represents a $0.80 annualized dividend and a dividend yield of 2.53%. Flowserve’s dividend payout ratio (DPR) is presently 55.94%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FLS shares. Mizuho upped their target price on Flowserve from $33.00 to $37.00 and gave the company a “buy” rating in a report on Friday, January 13th. StockNews.com upgraded Flowserve from a “hold” rating to a “buy” rating in a report on Thursday, February 23rd. TheStreet upgraded Flowserve from a “c” rating to a “b” rating in a report on Tuesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $30.00 price objective on shares of Flowserve in a report on Thursday, February 23rd. Finally, Bank of America upgraded Flowserve from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $33.00 to $40.00 in a report on Monday, January 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.00.

Flowserve Profile

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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Flowserve Pumps Division and Flow Control Division. The Flowserve Pumps Division segment provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services.