Allspring Global Investments Holdings LLC Reduces Position in Flowserve Co. (NYSE:FLS)

Allspring Global Investments Holdings LLC trimmed its holdings in Flowserve Co. (NYSE:FLS) by 35.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,022 shares of the industrial products company’s stock after selling 2,817 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flowserve were worth $187,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FLS. First Manhattan CO. LLC. boosted its holdings in 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 during the last quarter. Quarry LP purchased a new stake in Flowserve in the first quarter valued at $38,000. Harbour Investments Inc. boosted its holdings in 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 during the last quarter. Gyon Technologies Capital Management LP purchased a new stake in Flowserve in the fourth quarter valued at $58,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Flowserve in the second quarter valued at $59,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Flowserve Trading Up 1.3 %

Shares of Flowserve stock opened at $37.67 on Monday. The firm has a market capitalization of $4.94 billion, a PE ratio of 20.25, a P/E/G ratio of 0.78 and a beta of 1.55. Flowserve Co. has a twelve month low of $28.89 and a twelve month high of $41.01. The firm’s 50-day moving average price is $38.36 and its 200 day moving average price is $37.30. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 0.66.

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

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Friday, September 22nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Thursday, September 21st. Flowserve’s dividend payout ratio (DPR) is 43.01%.

Analysts Set New Price Targets

A number of brokerages have weighed in on FLS. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 price objective on shares of Flowserve in a research report on Friday, September 29th. Citigroup began coverage on shares of Flowserve in a research report on Monday, October 9th. They issued a “buy” rating for the company. Morgan Stanley upped their price objective on shares of Flowserve from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 3rd. Mizuho upped their price objective on shares of Flowserve from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. Finally, The Goldman Sachs Group upped their price objective on shares of Flowserve from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.11.

About Flowserve

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.