Geode Capital Management LLC raised its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,201,993 shares of the industrial products company's stock after buying an additional 23,529 shares during the period. Geode Capital Management LLC owned about 1.68% of Flowserve worth $113,851,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC bought a new position in Flowserve in the 2nd quarter worth $187,000. Hennessy Advisors Inc. increased its position in Flowserve by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 729,600 shares of the industrial products company's stock worth $35,094,000 after buying an additional 111,700 shares in the last quarter. Bailard Inc. raised its stake in shares of Flowserve by 9.5% in the second quarter. Bailard Inc. now owns 12,095 shares of the industrial products company's stock worth $582,000 after buying an additional 1,050 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Flowserve by 41.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,141 shares of the industrial products company's stock valued at $343,000 after buying an additional 2,107 shares in the last quarter. Finally, ABLE Financial Group LLC grew its stake in shares of Flowserve by 3.5% during the 2nd quarter. ABLE Financial Group LLC now owns 16,087 shares of the industrial products company's stock valued at $774,000 after acquiring an additional 547 shares during the period. 93.93% of the stock is currently owned by institutional investors.
A number of research firms have commented on FLS. Stifel Nicolaus raised their target price on shares of Flowserve from $60.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Bank of America raised their price objective on shares of Flowserve from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised shares of Flowserve from a "sell" rating to a "neutral" rating and upped their target price for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Citigroup raised their price target on Flowserve from $65.00 to $73.00 and gave the company a "buy" rating in a report on Monday, December 9th. Finally, Jefferies Financial Group began coverage on Flowserve in a research note on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.40.
Check Out Our Latest Stock Report on Flowserve
NYSE FLS opened at $59.83 on Wednesday. The stock has a market capitalization of $7.86 billion, a PE ratio of 29.62, a P/E/G ratio of 1.48 and a beta of 1.41. Flowserve Co. has a 1-year low of $39.21 and a 1-year high of $62.32. The business has a 50 day simple moving average of $57.77 and a two-hundred day simple moving average of $51.68. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39.
Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.50 earnings per share. On average, research analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, December 27th. Flowserve's dividend payout ratio is 41.58%.
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.
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