Cerity Partners LLC Raises Stock Position in Flowserve Corporation (NYSE:FLS)

Cerity Partners LLC raised its position in Flowserve Corporation (NYSE:FLS) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,555 shares of the industrial products company’s stock after purchasing an additional 5,251 shares during the quarter. Cerity Partners LLC owned about 0.05% of Flowserve worth $3,446,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Headlands Technologies LLC increased its position in shares of Flowserve by 4,790.0% during the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 479 shares during the last quarter. Park Square Financial Group LLC purchased a new position in Flowserve during the fourth quarter worth about $33,000. Colonial Trust Co SC increased its position in shares of Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 478 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Flowserve by 80.1% in the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 394 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Flowserve by 34.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,070 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on FLS shares. The Goldman Sachs Group boosted their target price on Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised their target price on Flowserve from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Citigroup boosted their price target on shares of Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Stifel Nicolaus increased their price target on shares of Flowserve from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded shares of Flowserve from a “buy” rating to a “strong-buy” rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $63.00.

Flowserve Stock Performance

Shares of Flowserve stock opened at $54.76 on Friday. The business has a 50-day simple moving average of $50.54 and a 200-day simple moving average of $52.00. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. The company has a market cap of $7.16 billion, a PE ratio of 25.59, a P/E/G ratio of 1.21 and a beta of 1.25.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. On average, equities research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Friday, June 27th. Flowserve’s dividend payout ratio is presently 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.