Central Pacific Bank Trust Division Sells 2,000 Shares of Flowserve Co. (NYSE:FLS)

Central Pacific Bank Trust Division trimmed its stake in shares of Flowserve Co. (NYSE:FLS) by 10.8% during the fourth quarter, Holdings Channel reports. The firm owned 16,500 shares of the industrial products company’s stock after selling 2,000 shares during the period. Central Pacific Bank Trust Division’s holdings in Flowserve were worth $949,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. True Wealth Design LLC bought a new position in Flowserve during the third quarter worth about $25,000. Signaturefd LLC boosted its stake in Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Flowserve during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in Flowserve in the third quarter valued at approximately $29,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Flowserve in the third quarter worth $29,000. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Up 1.9 %

Flowserve stock opened at $58.45 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. Flowserve Co. has a 1-year low of $39.21 and a 1-year high of $62.32. The company has a fifty day simple moving average of $58.92 and a 200 day simple moving average of $52.62. The company has a market cap of $7.68 billion, a P/E ratio of 28.94, a price-to-earnings-growth ratio of 1.48 and a beta of 1.41.

Flowserve (NYSE:FLS) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the firm posted $0.50 EPS. Flowserve’s revenue was up 3.5% compared to the same quarter last year. Research analysts anticipate that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.21 dividend. The ex-dividend date is Friday, December 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.44%. Flowserve’s dividend payout ratio is presently 41.58%.

Wall Street Analysts Forecast Growth

FLS has been the subject of several research analyst reports. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Citigroup increased their price target on Flowserve from $65.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price objective on the stock. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and raised their target price for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Flowserve has a consensus rating of “Moderate Buy” and an average target price of $64.40.

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.