Allspring Global Investments Holdings LLC Acquires 2,584 Shares of Flowserve Co. (NYSE:FLS)

Allspring Global Investments Holdings LLC boosted its holdings in shares of Flowserve Co. (NYSE:FLS) by 73.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,114 shares of the industrial products company’s stock after buying an additional 2,584 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flowserve were worth $252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Treasurer of the State of North Carolina boosted its holdings in shares of Flowserve by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 57,444 shares of the industrial products company’s stock worth $2,285,000 after buying an additional 290 shares during the period. Verdence Capital Advisors LLC boosted its holdings in shares of Flowserve by 3.1% during the third quarter. Verdence Capital Advisors LLC now owns 9,606 shares of the industrial products company’s stock worth $382,000 after acquiring an additional 291 shares during the period. O Shaughnessy Asset Management LLC grew its position in shares of Flowserve by 6.0% in the third quarter. O Shaughnessy Asset Management LLC now owns 7,240 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 409 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Flowserve by 0.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 52,148 shares of the industrial products company’s stock worth $2,150,000 after purchasing an additional 450 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Flowserve by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 37,342 shares of the industrial products company’s stock worth $1,485,000 after purchasing an additional 505 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Analyst Ratings Changes

FLS has been the topic of a number of research reports. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a report on Saturday. Mizuho raised their price target on shares of Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Citigroup boosted their price objective on shares of Flowserve from $50.00 to $56.00 and gave the company a “buy” rating in a report on Monday, April 8th. Robert W. Baird raised their target price on shares of Flowserve from $46.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Finally, Stifel Nicolaus boosted their price target on Flowserve from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Flowserve presently has a consensus rating of “Hold” and an average price target of $48.25.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $46.76 on Friday. Flowserve Co. has a 1 year low of $32.37 and a 1 year high of $48.31. The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of 33.16, a price-to-earnings-growth ratio of 1.32 and a beta of 1.46. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27. The company’s 50 day simple moving average is $44.96 and its 200 day simple moving average is $41.27.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Wednesday, February 21st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the company posted $0.63 EPS. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, research analysts predict that Flowserve Co. will post 2.55 EPS for the current fiscal year.

Flowserve Increases Dividend

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

Flowserve Company 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.