Allspring Global Investments Holdings LLC Has $14.16 Million Position in Flowserve Corporation $FLS

Allspring Global Investments Holdings LLC lifted its position in shares of Flowserve Corporation (NYSE:FLS) by 58.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 270,574 shares of the industrial products company’s stock after buying an additional 99,766 shares during the period. Allspring Global Investments Holdings LLC owned about 0.21% of Flowserve worth $14,162,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Flowserve by 5.4% during the first quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company’s stock worth $237,185,000 after buying an additional 248,273 shares during the period. Earnest Partners LLC boosted its position in shares of Flowserve by 6.8% during the first quarter. Earnest Partners LLC now owns 2,741,538 shares of the industrial products company’s stock worth $133,897,000 after buying an additional 173,528 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Flowserve by 3.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,443,456 shares of the industrial products company’s stock worth $119,332,000 after buying an additional 75,374 shares during the period. Nuveen LLC acquired a new position in Flowserve during the first quarter valued at approximately $111,598,000. Finally, Massachusetts Financial Services Co. MA boosted its position in Flowserve by 6.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,954,365 shares of the industrial products company’s stock valued at $95,451,000 after purchasing an additional 122,161 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FLS has been the subject of several recent research reports. Citigroup increased their price target on Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 14th. The Goldman Sachs Group increased their price target 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 increased their price target on Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Stifel Nicolaus increased their price target on Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Flowserve in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $65.88.

Flowserve Price Performance

NYSE:FLS opened at $50.56 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average price is $53.70 and its two-hundred day moving average price is $50.63. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 1.03 and a beta of 1.27. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $65.08.

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

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Flowserve’s dividend payout ratio (DPR) is 38.01%.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction of $532,200.00. Following the transaction, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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.