Allspring Global Investments Holdings LLC Purchases 139,939 Shares of Flowserve Corporation (NYSE:FLS)

Allspring Global Investments Holdings LLC increased its position in Flowserve Corporation (NYSE:FLS) by 453.3% during the first quarter, Holdings Channel reports. The firm owned 170,808 shares of the industrial products company’s stock after buying an additional 139,939 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flowserve were worth $8,402,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of FLS. Headlands Technologies LLC lifted its holdings in Flowserve by 4,790.0% during the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 479 shares during the last quarter. Park Square Financial Group LLC bought a new position in shares of Flowserve in the fourth quarter valued at about $33,000. Colonial Trust Co SC lifted its stake in shares of Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock worth $34,000 after buying an additional 478 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company’s stock worth $51,000 after buying an additional 394 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Flowserve by 185.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock worth $53,000 after buying an additional 595 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank Of Canada lifted their price target on Flowserve from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Baird R W raised Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Mizuho set a $60.00 price target on shares of Flowserve in a research note on Friday, May 16th. Stifel Nicolaus lifted their price objective on shares of Flowserve from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Finally, Citigroup cut their price objective on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating for the company in a report on Monday, April 14th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $63.00.

Flowserve Price Performance

Flowserve stock opened at $55.29 on Friday. The stock’s 50 day moving average is $49.11 and its 200 day moving average is $52.30. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. The firm has a market cap of $7.23 billion, a P/E ratio of 25.84, a P/E/G ratio of 1.27 and a beta of 1.25. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.07 and a quick ratio of 1.46.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the company posted $0.58 earnings per share. Flowserve’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts expect that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, June 27th. Flowserve’s dividend payout ratio is 39.25%.

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.