Federated Hermes Inc. Sells 1,788 Shares of Flowserve Co. (NYSE:FLS)

Federated Hermes Inc. lessened its stake in Flowserve Co. (NYSE:FLS) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,421 shares of the industrial products company’s stock after selling 1,788 shares during the period. Federated Hermes Inc.’s holdings in Flowserve were worth $1,378,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Clearbridge Investments LLC bought a new stake in shares of Flowserve in the third quarter worth $29,745,000. AQR Capital Management LLC boosted its position in Flowserve by 270.4% in the third quarter. AQR Capital Management LLC now owns 636,509 shares of the industrial products company’s stock worth $25,314,000 after purchasing an additional 464,667 shares during the last quarter. Pantechnicon Advisors LLP bought a new stake in shares of Flowserve during the 3rd quarter valued at about $17,976,000. Schonfeld Strategic Advisors LLC increased its position in shares of Flowserve by 283.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 357,113 shares of the industrial products company’s stock valued at $14,202,000 after purchasing an additional 263,957 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Flowserve by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock worth $403,065,000 after purchasing an additional 246,636 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on FLS. Mizuho lifted their price target on shares of Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Robert W. Baird lifted their target price on Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Royal Bank of Canada upped their price target on Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 22nd. Stifel Nicolaus lifted their price objective on Flowserve from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Citigroup raised their price target on Flowserve from $50.00 to $56.00 and gave the company a “buy” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.25.

Flowserve Price Performance

Flowserve stock opened at $47.24 on Tuesday. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46. The firm has a 50-day moving average of $45.04 and a two-hundred day moving average of $41.36. Flowserve Co. has a 1 year low of $32.49 and a 1 year high of $48.31. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. Flowserve’s quarterly revenue was up 10.9% on a year-over-year basis. On average, research analysts forecast that Flowserve Co. will post 2.55 earnings per share for the current year.

Flowserve Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, March 27th. This is an increase from Flowserve’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.78%. Flowserve’s dividend payout ratio is presently 59.57%.

Flowserve 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.