William Blair Investment Management LLC Sells 1,228 Shares of Flowserve Co. (NYSE:FLS)

William Blair Investment Management LLC cut its holdings in shares of Flowserve Co. (NYSE:FLS) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,596 shares of the industrial products company’s stock after selling 1,228 shares during the period. William Blair Investment Management LLC’s holdings in Flowserve were worth $462,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Flowserve in the fourth quarter valued at $59,261,000. Silvercrest Asset Management Group LLC acquired a new stake in Flowserve in the 1st quarter valued at about $41,413,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Flowserve in the second quarter worth about $37,100,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Flowserve by 5,256.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock worth $29,452,000 after purchasing an additional 600,866 shares in the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in shares of Flowserve during the fourth quarter valued at approximately $22,321,000. 93.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FLS has been the subject of several research analyst reports. Stifel Nicolaus boosted their price objective on shares of Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Bank of America lifted their price objective on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird upped their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, TD Cowen increased their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.11.

Flowserve Trading Up 0.1 %

FLS opened at $46.69 on Tuesday. Flowserve Co. has a twelve month low of $35.31 and a twelve month high of $52.09. The firm has a market cap of $6.15 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The firm’s fifty day moving average is $47.97 and its two-hundred day moving average is $47.35.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.80%. Flowserve’s payout ratio is 47.46%.

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.