Rhumbline Advisers Has $21.60 Million Stock Holdings in Flowserve Co. (NYSE:FLS)

Rhumbline Advisers trimmed its position in shares of Flowserve Co. (NYSE:FLS) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 375,514 shares of the industrial products company’s stock after selling 3,177 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of Flowserve worth $21,600,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FLS. Creative Planning lifted its stake in shares of Flowserve by 6.9% in the third quarter. Creative Planning now owns 6,879 shares of the industrial products company’s stock worth $356,000 after acquiring an additional 444 shares during the period. Raymond James & Associates lifted its stake in shares of Flowserve by 4.3% in the third quarter. Raymond James & Associates now owns 321,277 shares of the industrial products company’s stock worth $16,607,000 after acquiring an additional 13,258 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Flowserve by 51.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company’s stock worth $559,000 after acquiring an additional 3,675 shares during the period. Lecap Asset Management Ltd. lifted its stake in shares of Flowserve by 14.9% in the third quarter. Lecap Asset Management Ltd. now owns 19,382 shares of the industrial products company’s stock worth $1,002,000 after acquiring an additional 2,520 shares during the period. Finally, Allworth Financial LP increased its holdings in Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Price Performance

NYSE FLS opened at $57.47 on Friday. Flowserve Co. has a 12 month low of $41.60 and a 12 month high of $65.08. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 1.28 and a beta of 1.42. The company’s 50 day moving average is $60.68 and its two-hundred day moving average is $55.70. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.11%. As a group, research analysts anticipate that Flowserve Co. will post 3.21 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.21 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.46%. Flowserve’s payout ratio is currently 39.25%.

Analysts Set New Price Targets

FLS has been the subject of a number of research analyst reports. 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 report on Thursday. Stifel Nicolaus lifted their target price on Flowserve from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday. StockNews.com downgraded Flowserve from a “buy” rating to a “hold” rating in a report on Thursday. Citigroup lowered their target price on Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Bank of America boosted their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Flowserve currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

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.