Flowserve Co. (NYSE:FLS) Shares Sold by Tidal Investments LLC

by · The Markets Daily

Tidal Investments LLC lessened its position in Flowserve Co. (NYSE:FLS – Free Report) by 57.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,830 shares of the industrial products company’s stock after selling 21,367 shares during the period. Tidal Investments LLC’s holdings in Flowserve were worth $818,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FLS. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Flowserve in the second quarter valued at approximately $187,000. Bailard Inc. boosted its position in shares of Flowserve by 9.5% during 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 grew its holdings in Flowserve by 41.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,141 shares of the industrial products company’s stock worth $343,000 after buying an additional 2,107 shares in the last quarter. ABLE Financial Group LLC increased its position in Flowserve by 3.5% in 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. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Flowserve by 7.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,724 shares of the industrial products company’s stock valued at $1,478,000 after acquiring an additional 2,135 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Performance

FLS opened at $58.06 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The firm has a market cap of $7.63 billion, a PE ratio of 28.74, a P/E/G ratio of 1.48 and a beta of 1.41. The business has a fifty day simple moving average of $58.11 and a 200-day simple moving average of $51.90. Flowserve Co. has a fifty-two week low of $39.21 and a fifty-two week high of $62.32.

Flowserve (NYSE:FLS – Get Free Report) last released its quarterly 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 company had revenue of $1.13 billion during the quarter, compared to analyst estimates 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 quarter last year, the business earned $0.50 EPS. As a group, equities analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.45%. Flowserve’s dividend payout ratio is currently 41.58%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group initiated coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and increased their target price for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. Bank of America increased their price objective on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Robert W. Baird boosted their target price on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.40.

View Our Latest Analysis on FLS

About Flowserve

(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.

See Also

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