Flowserve Corporation (NYSE:FLS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in shares of Flowserve Corporation (NYSE:FLS) by 12.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,508,652 shares of the industrial products company’s stock after selling 210,420 shares during the quarter. Bank of New York Mellon Corp’s holdings in Flowserve were worth $73,683,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Headlands Technologies LLC increased its position in Flowserve by 4,790.0% during the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 479 shares during the last quarter. Park Square Financial Group LLC acquired a new position in Flowserve during the fourth quarter worth approximately $33,000. Colonial Trust Co SC increased its position in Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 478 shares during the last quarter. True Wealth Design LLC increased its position in Flowserve by 80.1% during the fourth quarter. True Wealth Design LLC now owns 886 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 394 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Flowserve by 185.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 595 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of FLS stock opened at $54.21 on Friday. The company has a market capitalization of $7.09 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 1.19 and a beta of 1.25. The firm has a fifty day simple moving average of $49.77 and a 200-day simple moving average of $52.18. The company has a current ratio of 2.07, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. Flowserve Corporation has a twelve month low of $37.34 and a twelve month high of $65.08.

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

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.55%. Flowserve’s dividend payout ratio (DPR) is 39.25%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Flowserve from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Citigroup dropped their price objective on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Baird R W raised shares of Flowserve from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 17th. Royal Bank Of Canada increased their price objective on shares of Flowserve from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Finally, Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday, May 16th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flowserve has an average rating of “Buy” and an average target price of $62.00.

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.