Wells Fargo & Company MN Sells 3,189 Shares of Flowserve Co. (NYSE:FLS)

Wells Fargo & Company MN lowered its position in shares of Flowserve Co. (NYSE:FLS) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 380,486 shares of the industrial products company’s stock after selling 3,189 shares during the quarter. Wells Fargo & Company MN owned 0.29% of Flowserve worth $21,886,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Flowserve in the 4th quarter worth approximately $94,629,000. Varenne Capital Partners bought a new position in shares of Flowserve during the fourth quarter worth $26,216,000. Loomis Sayles & Co. L P purchased a new position in Flowserve during the fourth quarter valued at $23,614,000. Artisan Partners Limited Partnership purchased a new position in Flowserve during the fourth quarter valued at $23,007,000. Finally, Raymond James Financial Inc. purchased a new stake in Flowserve in the 4th quarter worth $14,546,000. 93.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FLS. Citigroup cut their price objective on Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada lowered their target price on Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. TD Cowen raised their target price on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Stifel Nicolaus upped their price target on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Baird R W raised shares of Flowserve from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Stock Performance

Flowserve stock opened at $42.23 on Friday. Flowserve Co. has a 1-year low of $37.34 and a 1-year high of $65.08. The company’s 50-day moving average is $51.93 and its 200 day moving average is $56.05. The firm has a market capitalization of $5.56 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. Research analysts forecast that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.99%. The ex-dividend date was Friday, March 28th. Flowserve’s dividend payout ratio is presently 39.25%.

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.