Atria Wealth Solutions Inc. Sells 516 Shares of Flowserve Co. (NYSE:FLS)

Atria Wealth Solutions Inc. reduced its holdings in shares of Flowserve Co. (NYSE:FLS) by 8.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,825 shares of the industrial products company’s stock after selling 516 shares during the period. Atria Wealth Solutions Inc.’s holdings in Flowserve were worth $335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Creative Planning increased its stake in 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 purchasing an additional 444 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Flowserve by 51.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company’s stock worth $559,000 after buying an additional 3,675 shares during the period. Allworth Financial LP lifted its holdings in Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after buying an additional 403 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Flowserve by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,208 shares of the industrial products company’s stock valued at $786,000 after buying an additional 1,035 shares during the period. Finally, New York State Teachers Retirement System grew its stake in Flowserve by 12.8% in the 3rd quarter. New York State Teachers Retirement System now owns 149,371 shares of the industrial products company’s stock worth $7,721,000 after acquiring an additional 16,926 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLS. Royal Bank of Canada decreased their price target on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and upped their target price for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. TD Cowen raised their price target on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Citigroup lowered their price objective on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Mizuho increased their target price on shares of Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Price Performance

FLS opened at $55.03 on Friday. The firm has a market capitalization of $7.23 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 1.35 and a beta of 1.42. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The business’s 50-day moving average is $60.22 and its two-hundred day moving average is $56.05. Flowserve Co. has a 1 year low of $41.78 and a 1 year high of $65.08.

Flowserve (NYSE:FLS) last issued its quarterly earnings data 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). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Research analysts anticipate that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.53%. Flowserve’s dividend payout ratio is presently 39.25%.

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.