Flowserve Co. (NYSE:FLS) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lowered its position in Flowserve Co. (NYSE:FLS) by 20.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,417 shares of the industrial products company’s stock after selling 2,652 shares during the quarter. Cresset Asset Management LLC’s holdings in Flowserve were worth $601,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Flowserve by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company’s stock worth $775,209,000 after buying an additional 101,668 shares in the last quarter. FIL Ltd lifted its holdings in Flowserve by 71.7% in the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock worth $302,271,000 after buying an additional 2,193,904 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Flowserve by 9.7% in the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company’s stock worth $168,272,000 after buying an additional 258,361 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Flowserve by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,368,082 shares of the industrial products company’s stock worth $136,213,000 after buying an additional 38,340 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Flowserve by 52.7% in the 4th quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company’s stock worth $118,953,000 after buying an additional 714,063 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Performance

Shares of Flowserve stock opened at $52.14 on Wednesday. The firm has a market cap of $6.82 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 1.35 and a beta of 1.21. The firm’s 50-day simple moving average is $46.25 and its 200-day simple moving average is $54.79. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. Flowserve Co. has a 1 year low of $37.34 and a 1 year high of $65.08.

Flowserve (NYSE:FLS) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.11 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 EPS. Equities analysts forecast that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Friday, March 28th. Flowserve’s dividend payout ratio is presently 39.25%.

Wall Street Analyst Weigh In

FLS has been the topic of a number of recent analyst reports. TD Cowen boosted their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Citigroup cut their price objective on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Robert W. Baird cut their price objective 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. Royal Bank of Canada boosted their price objective on shares of Flowserve from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, Stifel Nicolaus upped their target price on shares of Flowserve from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.11.

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.