Creative Planning Cuts Holdings in Flowserve Co. (NYSE:FLS)

Creative Planning reduced its position in Flowserve Co. (NYSE:FLS) by 6.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,435 shares of the industrial products company’s stock after selling 456 shares during the quarter. Creative Planning’s holdings in Flowserve were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of FLS. Signaturefd LLC raised its position in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 370 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Flowserve in the second quarter worth $34,000. GAMMA Investing LLC lifted its holdings in shares of Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after buying an additional 616 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Flowserve in the second quarter valued at $70,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Flowserve in the first quarter valued at $87,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Ratings Changes

FLS has been the subject of several research analyst reports. TD Cowen upped their price objective on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their target price on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Robert W. Baird upped their target price on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Bank of America reaffirmed a “buy” rating and set a $60.00 target price on shares of Flowserve in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average target price of $57.78.

Flowserve Stock Performance

Shares of FLS stock opened at $54.79 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. Flowserve Co. has a fifty-two week low of $35.31 and a fifty-two week high of $55.90. The stock’s 50-day moving average is $49.34 and its two-hundred day moving average is $48.52. The firm has a market cap of $7.21 billion, a P/E ratio of 31.58, a PEG ratio of 1.27 and a beta of 1.39.

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

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Friday, September 27th. Flowserve’s dividend 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.