HighTower Advisors LLC Sells 2,047 Shares of Flowserve Co. (NYSE:FLS)

HighTower Advisors LLC trimmed its position in shares of Flowserve Co. (NYSE:FLS) by 5.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,859 shares of the industrial products company’s stock after selling 2,047 shares during the period. HighTower Advisors LLC’s holdings in Flowserve were worth $2,063,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. True Wealth Design LLC bought a new stake in shares of Flowserve during the 3rd quarter valued at $25,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Flowserve during the 3rd quarter valued at $29,000. UMB Bank n.a. raised its position in shares of Flowserve by 64.2% during the 4th quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 278 shares during the period. Brooklyn Investment Group bought a new stake in shares of Flowserve during the 3rd quarter valued at $42,000. Finally, Canton Hathaway LLC bought a new stake in shares of Flowserve during the 3rd quarter valued at $42,000. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $50.65 on Friday. Flowserve Co. has a 52 week low of $43.66 and a 52 week high of $65.08. The stock has a market capitalization of $6.67 billion, a P/E ratio of 23.67, a PEG ratio of 1.35 and a beta of 1.43. The firm has a fifty day simple moving average of $57.54 and a two-hundred day simple moving average of $56.31. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 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 business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. On average, analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.66%. Flowserve’s dividend payout ratio is presently 39.25%.

Wall Street Analysts Forecast Growth

FLS has been the topic of a number of research reports. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and lifted their price target for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Citigroup reduced their price target on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, January 13th. StockNews.com downgraded shares of Flowserve from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Royal Bank of Canada reduced their price target on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, TD Cowen lifted their price target on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Two 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 company. Based on data from MarketBeat, the stock 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.