Mutual of America Capital Management LLC Trims Stake in Flowserve Corporation $FLS

Mutual of America Capital Management LLC lowered its position in Flowserve Corporation (NYSE:FLS) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,012 shares of the industrial products company’s stock after selling 2,604 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Flowserve were worth $3,403,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Private Client Wealth LLC purchased a new stake in shares of Flowserve in the second quarter valued at $25,000. Hilltop National Bank purchased a new stake in shares of Flowserve in the second quarter valued at $31,000. IFP Advisors Inc raised its stake in shares of Flowserve by 1,289.6% in the second quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 619 shares during the period. Parallel Advisors LLC raised its stake in shares of Flowserve by 74.5% in the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 344 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 429 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Up 1.8%

Shares of Flowserve stock opened at $52.73 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The firm’s 50-day moving average is $53.62 and its two-hundred day moving average is $50.87. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 1.06 and a beta of 1.27.

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

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Friday, September 26th 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, September 26th. Flowserve’s dividend payout ratio is presently 38.01%.

Insider Transactions at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the 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 $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.76% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FLS shares. The Goldman Sachs Group increased their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus raised their price target on shares of Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Citigroup raised 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. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and a consensus price target of $65.88.

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.