Allspring Global Investments Holdings LLC Grows Stake in Flowserve Co. (NYSE:FLS)

Allspring Global Investments Holdings LLC boosted its stake in Flowserve Co. (NYSE:FLS) by 51.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,816 shares of the industrial products company’s stock after buying an additional 3,675 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Flowserve were worth $559,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the third quarter worth $27,000. Signaturefd LLC lifted its stake in Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares in the last quarter. nVerses Capital LLC purchased a new position in Flowserve in the 2nd quarter worth approximately $34,000. GAMMA Investing LLC boosted its holdings in shares of Flowserve by 166.0% during the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Flowserve in the second quarter valued at approximately $70,000. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Price Performance

Flowserve stock opened at $53.54 on Friday. The firm has a fifty day moving average of $50.81 and a 200-day moving average of $49.00. The company has a quick ratio of 1.40, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. Flowserve Co. has a 52-week low of $36.56 and a 52-week high of $55.90. The firm has a market capitalization of $7.03 billion, a P/E ratio of 26.63, a PEG ratio of 1.28 and a beta of 1.39.

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

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.57%. Flowserve’s payout ratio is currently 41.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FLS shares. Stifel Nicolaus raised their price objective on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. TD Cowen lifted 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. Royal Bank of Canada increased their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Wednesday. Bank of America boosted their price target on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.10.

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.