Verition Fund Management LLC Cuts Holdings in Flowserve Co. (NYSE:FLS)

Verition Fund Management LLC lowered its stake in Flowserve Co. (NYSE:FLSFree Report) by 47.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,271 shares of the industrial products company’s stock after selling 191,530 shares during the period. Verition Fund Management LLC owned about 0.16% of Flowserve worth $8,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of FLS. Contravisory Investment Management Inc. acquired a new stake in Flowserve in the 4th quarter valued at about $26,000. TFO Wealth Partners LLC raised its position in Flowserve by 14,663.6% in the 4th quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,613 shares in the last quarter. USA Financial Formulas acquired a new stake in Flowserve in the 3rd quarter valued at about $107,000. Advisory Services Network LLC acquired a new stake in Flowserve in the 4th quarter valued at about $178,000. Finally, Blair William & Co. IL acquired a new stake in Flowserve in the 3rd quarter valued at about $211,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Trading Up 1.2 %

NYSE:FLS opened at $47.85 on Tuesday. The stock’s 50 day moving average price is $47.98 and its 200 day moving average price is $43.75. The company has a market capitalization of $6.30 billion, a PE ratio of 27.03, a P/E/G ratio of 1.22 and a beta of 1.44. The company has a quick ratio of 1.28, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. Flowserve Co. has a 52-week low of $35.23 and a 52-week high of $50.49.

Flowserve (NYSE:FLSGet Free Report) last released its quarterly earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business posted $0.40 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, research analysts anticipate that Flowserve Co. will post 2.66 EPS for the current year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.76%. Flowserve’s dividend payout ratio (DPR) is currently 47.46%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLS. TD Cowen increased their price target on Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Monday, May 27th. Stifel Nicolaus increased their price objective on Flowserve from $53.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Bank of America increased their price objective on Flowserve from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Finally, Robert W. Baird increased their price objective on Flowserve from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.55.

Get Our Latest Stock Analysis on Flowserve

Insider Buying and Selling at Flowserve

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the transaction, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.72% of the company’s stock.

Flowserve Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding FLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flowserve Co. (NYSE:FLSFree Report).

Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

Receive News & Ratings for Flowserve Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve and related companies with MarketBeat.com's FREE daily email newsletter.