Charles Schwab Investment Management Inc. Lowers Stock Holdings in Flowserve Corporation (NYSE:FLS)

Charles Schwab Investment Management Inc. lowered its stake in Flowserve Corporation (NYSE:FLS) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,686,979 shares of the industrial products company’s stock after selling 55,599 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.29% of Flowserve worth $82,392,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Flowserve by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company’s stock worth $14,763,000 after purchasing an additional 1,103 shares in the last quarter. KBC Group NV lifted its stake in Flowserve by 4.8% in the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company’s stock worth $277,000 after purchasing an additional 258 shares in the last quarter. GAMMA Investing LLC lifted its stake in Flowserve by 26.6% in the 1st quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company’s stock worth $112,000 after purchasing an additional 481 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Flowserve in the 1st quarter worth $216,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Flowserve by 453.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company’s stock worth $8,402,000 after purchasing an additional 139,939 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

FLS has been the topic of several research analyst reports. 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. The Goldman Sachs Group boosted their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Robert W. Baird reduced their target price on shares of Flowserve from $71.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Finally, Royal Bank Of Canada boosted their target price on shares of Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $65.78.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $53.93 on Thursday. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 1.11 and a beta of 1.28. Flowserve Corporation has a 12 month low of $37.34 and a 12 month high of $65.08. The firm’s 50-day moving average is $51.88 and its 200 day moving average is $51.17. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. Research analysts predict that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, June 27th. Flowserve’s dividend payout ratio is presently 38.01%.

Insider Buying and Selling

In related news, insider Kirk Wilson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. Following the transaction, the insider directly owned 37,196 shares in the company, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.76% of the company’s stock.

Flowserve 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.