Sumitomo Mitsui Trust Group Inc. Sells 33,504 Shares of Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Group Inc. decreased its position in Flowserve Co. (NYSE:FLS) by 26.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 93,702 shares of the industrial products company’s stock after selling 33,504 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Flowserve were worth $5,390,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. True Wealth Design LLC bought a new stake in Flowserve during the 3rd quarter worth about $25,000. V Square Quantitative Management LLC bought a new stake in Flowserve during the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC bought a new stake in Flowserve during the 3rd quarter worth about $29,000. Wilmington Savings Fund Society FSB bought a new stake in Flowserve during the 3rd quarter worth about $29,000. Finally, Allworth Financial LP grew 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 worth $34,000 after acquiring an additional 403 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Analyst Ratings Changes

FLS has been the topic of a number of research analyst reports. Stifel Nicolaus increased their price objective on shares of Flowserve from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, January 24th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Jefferies Financial Group began coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price on the stock. TD Cowen upped their target price on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Bank of America upped their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.50.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $62.67 on Friday. The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 31.02, a P/E/G ratio of 1.29 and a beta of 1.42. The firm’s 50 day simple moving average is $60.67 and its 200 day simple moving average is $55.25. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. Flowserve Co. has a fifty-two week low of $41.46 and a fifty-two week high of $65.08.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.21 dividend. The ex-dividend date was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.34%. Flowserve’s dividend payout ratio is 41.58%.

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.