Federated Hermes Inc. Sells 592 Shares of Flowserve Co. (NYSE:FLS)

Federated Hermes Inc. cut its stake in Flowserve Co. (NYSE:FLS) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,008 shares of the industrial products company’s stock after selling 592 shares during the quarter. Federated Hermes Inc.’s holdings in Flowserve were worth $1,540,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC grew its stake in Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Flowserve in the 2nd quarter valued at about $34,000. YHB Investment Advisors Inc. purchased a new position in shares of Flowserve in the 1st quarter worth approximately $36,000. Raleigh Capital Management Inc. raised its stake in shares of Flowserve by 122.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 596 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 616 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Flowserve Stock Performance

Shares of NYSE FLS opened at $47.90 on Friday. The company has a 50 day simple moving average of $47.98 and a two-hundred day simple moving average of $47.45. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.09 and a beta of 1.39. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 12 month low of $35.31 and a 12 month high of $52.09.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating 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 net margin of 5.67% and a return on equity of 16.74%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, analysts predict that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.75%. The ex-dividend date is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Robert W. Baird lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Stifel Nicolaus upped their target price on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Bank of America raised their price target on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. TD Cowen upped their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada lifted their target price on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and a consensus price target of $56.11.

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.