New York State Teachers Retirement System Has $6.62 Million Stake in Flowserve Co. (NYSE:FLS)

New York State Teachers Retirement System lessened its stake in shares of Flowserve Co. (NYSE:FLS) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 160,698 shares of the industrial products company’s stock after selling 1,501 shares during the quarter. New York State Teachers Retirement System’s holdings in Flowserve were worth $6,624,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Flowserve by 0.5% during the third quarter. Vanguard Group Inc. now owns 13,260,754 shares of the industrial products company’s stock worth $527,380,000 after acquiring an additional 71,320 shares during the period. BlackRock Inc. raised its position in shares of Flowserve by 0.8% in the first quarter. BlackRock Inc. now owns 10,793,498 shares of the industrial products company’s stock valued at $387,485,000 after buying an additional 88,950 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Flowserve by 2.5% in the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock valued at $403,065,000 after buying an additional 246,636 shares during the period. State Street Corp grew its position in Flowserve by 2.4% during the first quarter. State Street Corp now owns 3,770,040 shares of the industrial products company’s stock worth $128,931,000 after buying an additional 86,815 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in Flowserve by 17.8% during the second quarter. Nuveen Asset Management LLC now owns 2,021,081 shares of the industrial products company’s stock worth $75,083,000 after buying an additional 304,769 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. StockNews.com upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 22nd. Citigroup upped their price objective on shares of Flowserve from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Mizuho raised their target price on shares of Flowserve from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. Robert W. Baird boosted their target price on shares of Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Finally, Royal Bank of Canada increased their price target on shares of Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.75.

Flowserve Trading Down 0.9 %

Shares of Flowserve stock opened at $46.66 on Friday. The firm’s 50 day moving average is $44.02 and its 200 day moving average is $40.75. The firm has a market capitalization of $6.12 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 1.35 and a beta of 1.46. Flowserve Co. has a 1 year low of $32.05 and a 1 year high of $48.31. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59.

Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, February 21st. The industrial products company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. Equities research analysts forecast that Flowserve Co. will post 2.54 earnings per share for the current fiscal year.

Flowserve Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio is presently 59.57%.

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.