Flowserve Co. (NYSE:FLS) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its stake in shares of Flowserve Co. (NYSE:FLS) by 4.4% during the second quarter, Holdings Channel reports. The firm owned 76,200 shares of the industrial products company’s stock after selling 3,476 shares during the period. Amalgamated Bank’s holdings in Flowserve were worth $3,665,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Flowserve by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,249,297 shares of the industrial products company’s stock worth $108,191,000 after acquiring an additional 169,506 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Flowserve by 11.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,242,684 shares of the industrial products company’s stock worth $59,773,000 after purchasing an additional 122,682 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Flowserve by 13.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 240,039 shares of the industrial products company’s stock valued at $11,546,000 after purchasing an additional 27,818 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Flowserve by 10.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 47,869 shares of the industrial products company’s stock valued at $2,302,000 after purchasing an additional 4,485 shares during the period. Finally, TradeLink Capital LLC purchased a new position in Flowserve during the 2nd quarter worth approximately $216,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 0.8 %

NYSE FLS opened at $47.90 on Monday. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $6.31 billion, a P/E ratio of 27.06, a P/E/G ratio of 1.09 and a beta of 1.39. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $52.09. The firm has a 50-day moving average price of $47.98 and a 200 day moving average price of $47.52.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business posted $0.52 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts expect that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus increased their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. 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. Finally, Robert W. Baird upped their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average target price of $56.11.

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.