Wakefield Asset Management LLLP Lowers Stock Position in Flowserve Co. (NYSE:FLS)

Wakefield Asset Management LLLP cut its position in Flowserve Co. (NYSE:FLS) by 1.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,841 shares of the industrial products company’s stock after selling 309 shares during the quarter. Wakefield Asset Management LLLP’s holdings in Flowserve were worth $1,003,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FLS. Vanguard Group Inc. grew its position in shares of Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after purchasing an additional 144,704 shares during the period. Dimensional Fund Advisors LP increased its holdings in Flowserve by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock worth $82,595,000 after purchasing an additional 157,125 shares during the period. Norges Bank acquired a new stake in Flowserve in the fourth quarter valued at approximately $59,261,000. Gabelli Funds LLC lifted its position in shares of Flowserve by 1.3% during the 1st quarter. Gabelli Funds LLC now owns 1,283,016 shares of the industrial products company’s stock worth $58,608,000 after purchasing an additional 16,500 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Flowserve by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,259,002 shares of the industrial products company’s stock worth $51,896,000 after acquiring an additional 24,449 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Price Performance

Shares of FLS opened at $45.51 on Friday. Flowserve Co. has a twelve month low of $35.31 and a twelve month high of $52.09. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The stock’s 50 day moving average is $48.10 and its two-hundred day moving average is $47.15. The firm has a market capitalization of $5.99 billion, a PE ratio of 25.71, a P/E/G ratio of 1.19 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company earned $0.52 earnings per share. Flowserve’s revenue was up 7.1% compared to the same quarter last year. Research analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s payout ratio is 47.46%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. TD Cowen lifted their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada upped their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. Bank of America raised their price objective on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, Robert W. Baird upped their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Flowserve has a consensus rating of “Moderate Buy” and a consensus target price of $56.11.

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.