Gabelli Funds LLC Cuts Stake in Flowserve Co. (NYSE:FLS)

Gabelli Funds LLC lessened its holdings in Flowserve Co. (NYSE:FLS) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,264,649 shares of the industrial products company’s stock after selling 18,367 shares during the quarter. Gabelli Funds LLC owned 0.96% of Flowserve worth $60,830,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the period. nVerses Capital LLC purchased a new position in Flowserve in the 2nd quarter worth approximately $34,000. YHB Investment Advisors Inc. bought a new stake in Flowserve in the first quarter valued at approximately $36,000. GAMMA Investing LLC boosted its stake in shares of Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the period. Finally, Raleigh Capital Management Inc. grew its holdings in shares of Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on FLS shares. Stifel Nicolaus increased their price target on shares of Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. TD Cowen lifted their price target on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Robert W. Baird increased their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada lifted their price objective on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Flowserve has a consensus rating of “Moderate Buy” and a consensus price target of $56.11.

Flowserve Price Performance

FLS stock opened at $47.90 on Friday. 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 has a 50 day moving average price of $47.98 and a 200-day moving average price of $47.49. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $52.09. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.09 and a beta of 1.39.

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

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Friday, September 27th. 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.