Truist Financial Corp Sells 1,098 Shares of Flowserve Co. (NYSE:FLS)

Truist Financial Corp cut its holdings in shares of Flowserve Co. (NYSE:FLS) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,525 shares of the industrial products company’s stock after selling 1,098 shares during the period. Truist Financial Corp’s holdings in Flowserve were worth $800,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Quilter Plc bought a new stake in shares of Flowserve in the second quarter valued at about $396,916,000. First Manhattan CO. LLC. lifted its holdings in shares of Flowserve by 682.6% in the first quarter. First Manhattan CO. LLC. now owns 900 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 785 shares in the last quarter. Quarry LP bought a new stake in shares of Flowserve in the first quarter valued at about $38,000. Exchange Traded Concepts LLC bought a new stake in shares of Flowserve in the second quarter valued at about $59,000. Finally, Harbour Investments Inc. lifted its holdings in shares of Flowserve by 79.5% in the fourth quarter. Harbour Investments Inc. now owns 1,581 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 700 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

Flowserve Price Performance

Shares of NYSE FLS opened at $37.28 on Wednesday. The business’s 50 day moving average price is $38.51 and its two-hundred day moving average price is $37.20. The company has a market cap of $4.89 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.55. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 0.66. Flowserve Co. has a twelve month low of $28.89 and a twelve month high of $41.01.

Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, October 25th. The industrial products company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. Flowserve had a return on equity of 14.29% and a net margin of 5.85%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $0.09 earnings per share. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. On average, analysts predict that Flowserve Co. will post 2.03 EPS for the current year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Friday, September 22nd were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Thursday, September 21st. Flowserve’s payout ratio is 43.01%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Jefferies Financial Group upgraded Flowserve from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $50.00 in a report on Tuesday, September 26th. Morgan Stanley lifted their target price on Flowserve from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, August 3rd. The Goldman Sachs Group lifted their target price on Flowserve from $34.00 to $38.00 and gave the company a “sell” rating in a research report on Thursday, August 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 target price on shares of Flowserve in a research report on Friday, September 29th. Finally, Mizuho lifted their target price on Flowserve from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, September 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $43.11.

Flowserve Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, the Middle East, Africa, Asia Pacific, and Europe. 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, 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.