Principal Financial Group Inc. lifted its stake in Flowserve Co. (NYSE:FLS – Get Rating) by 0.6% in the 4th quarter, Holdings Channel reports. The firm owned 512,463 shares of the industrial products company’s stock after purchasing an additional 2,999 shares during the quarter. Principal Financial Group Inc.’s holdings in Flowserve were worth $15,722,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new position in Flowserve during the 1st quarter valued at about $163,840,000. Bank of New York Mellon Corp raised its position in shares of Flowserve by 61.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,920,393 shares of the industrial products company’s stock worth $119,564,000 after purchasing an additional 1,864,418 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Flowserve by 532.8% in the 3rd quarter. New York State Common Retirement Fund now owns 770,843 shares of the industrial products company’s stock valued at $18,731,000 after buying an additional 649,035 shares in the last quarter. ANTIPODES PARTNERS Ltd grew its holdings in Flowserve by 48.7% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 1,630,221 shares of the industrial products company’s stock valued at $50,015,000 after buying an additional 534,193 shares during the last quarter. Finally, Fisher Asset Management LLC purchased a new position in Flowserve during the fourth quarter worth $13,484,000. Hedge funds and other institutional investors own 99.88% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently commented on FLS shares. Bank of America upgraded Flowserve from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research report on Monday, January 30th. They noted that the move was a valuation call. Mizuho raised their target price on shares of Flowserve from $37.00 to $40.00 in a research report on Wednesday, May 3rd. StockNews.com started coverage on shares of Flowserve in a research note on Thursday, May 18th. They issued a “buy” rating for the company. The Goldman Sachs Group increased their price target on Flowserve from $27.00 to $30.00 and gave the stock a “sell” rating in a research note on Friday, April 14th. Finally, TheStreet upgraded Flowserve from a “c” rating to a “b” rating in a research report on Tuesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.78.
Flowserve Price Performance
Flowserve (NYSE:FLS – Get Rating) last posted its earnings results on Monday, May 1st. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $980.31 million during the quarter, compared to analyst estimates of $898.83 million. Flowserve had a return on equity of 10.44% and a net margin of 6.13%. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 earnings per share. As a group, analysts predict that Flowserve Co. will post 1.81 EPS for the current year.
Flowserve Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, April 7th. Stockholders of record on Friday, March 24th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 23rd. This represents a $0.80 annualized dividend and a dividend yield of 2.33%. Flowserve’s dividend payout ratio (DPR) is presently 45.71%.
Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through Flowserve Pumps Division and Flow Control Division segments. The Flowserve Pumps Division provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts, and related services.
- Get a free copy of the StockNews.com research report on Flowserve (FLS)
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