Corebridge Financial Inc. Reduces Stock Position in Flowserve Co. (NYSE:FLS)

Corebridge Financial Inc. trimmed its holdings in Flowserve Co. (NYSE:FLS) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,656 shares of the industrial products company’s stock after selling 6,699 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Flowserve worth $8,551,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of FLS. HighTower Advisors LLC boosted its holdings in shares of Flowserve by 0.6% in the third quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock worth $1,962,000 after acquiring an additional 215 shares during the period. Arizona State Retirement System grew its holdings in Flowserve by 0.6% during the 4th quarter. Arizona State Retirement System now owns 38,134 shares of the industrial products company’s stock valued at $2,193,000 after buying an additional 225 shares in the last quarter. Savant Capital LLC increased its position in shares of Flowserve by 0.4% during the fourth quarter. Savant Capital LLC now owns 61,565 shares of the industrial products company’s stock valued at $3,541,000 after buying an additional 251 shares during the period. National Bank of Canada FI lifted its holdings in shares of Flowserve by 4.1% in the third quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock worth $327,000 after buying an additional 252 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Flowserve by 1.1% in the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock valued at $1,330,000 after acquiring an additional 277 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Flowserve from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. StockNews.com downgraded Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. TD Cowen boosted their target price on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and raised their price target for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, Robert W. Baird upgraded Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 price target for the company in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Stock Down 1.8 %

Shares of FLS opened at $50.43 on Friday. Flowserve Co. has a 1 year low of $43.66 and a 1 year high of $65.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The stock has a 50 day simple moving average of $56.83 and a two-hundred day simple moving average of $56.38. The firm has a market cap of $6.64 billion, a P/E ratio of 23.56, a P/E/G ratio of 1.35 and a beta of 1.43.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. On average, analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.67%. Flowserve’s dividend payout ratio is currently 39.25%.

About Flowserve

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.