Sumitomo Mitsui Trust Holdings Inc. Acquires New Holdings in Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Flowserve Co. (NYSE:FLS) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 144,840 shares of the industrial products company’s stock, valued at approximately $5,970,000. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.11% of Flowserve at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Contravisory Investment Management Inc. bought a new stake in Flowserve during the fourth quarter valued at approximately $26,000. CWM LLC lifted its position in Flowserve by 153.0% during the third quarter. CWM LLC now owns 1,986 shares of the industrial products company’s stock valued at $79,000 after purchasing an additional 1,201 shares during the last quarter. National Bank of Canada FI lifted its position in Flowserve by 61.3% during the third quarter. National Bank of Canada FI now owns 2,564 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 974 shares during the last quarter. USA Financial Formulas bought a new stake in Flowserve during the third quarter valued at approximately $107,000. Finally, Panagora Asset Management Inc. bought a new stake in Flowserve during the third quarter valued at approximately $201,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FLS. Mizuho boosted their price objective on shares of Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Robert W. Baird boosted their price objective on shares of Flowserve from $46.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Royal Bank of Canada boosted their price objective on shares of Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Thursday, February 22nd. Citigroup upped their price target on shares of Flowserve from $50.00 to $56.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus upped their price target on shares of Flowserve from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $48.25.

Flowserve Stock Up 2.3 %

Shares of Flowserve stock opened at $47.08 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $44.60 and its two-hundred day simple moving average is $41.07. The company has a market cap of $6.18 billion, a P/E ratio of 33.39, a PEG ratio of 1.30 and a beta of 1.46. Flowserve Co. has a 12-month low of $32.05 and a 12-month high of $48.31.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Wednesday, February 21st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.14 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS. Research analysts anticipate that Flowserve Co. will post 2.55 EPS for the current year.

Flowserve Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Flowserve’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.78%. Flowserve’s dividend payout ratio is currently 59.57%.

Flowserve Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment 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 and in the oil and gas production and process markets.