Beck Bode LLC Sells 36,733 Shares of Flowserve Co. (NYSE:FLS)

Beck Bode LLC cut its stake in shares of Flowserve Co. (NYSE:FLS) by 48.2% during the second quarter, HoldingsChannel reports. The firm owned 39,487 shares of the industrial products company’s stock after selling 36,733 shares during the quarter. Beck Bode LLC’s holdings in Flowserve were worth $1,899,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Eaton Financial Holdings Company LLC bought a new position in Flowserve in the fourth quarter worth approximately $2,169,000. RBA Wealth Management LLC acquired a new stake in Flowserve in the 1st quarter worth approximately $3,112,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Flowserve in the first quarter valued at about $3,808,000. Hennessy Advisors Inc. boosted its stake in shares of Flowserve by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company’s stock worth $28,226,000 after buying an additional 76,400 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Flowserve by 541.1% during the first quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock worth $20,616,000 after buying an additional 350,889 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FLS. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird lifted their price target on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Stifel Nicolaus upped their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada lifted their price objective on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Finally, Bank of America increased their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and a consensus target price of $56.11.

Flowserve Stock Up 1.0 %

Shares of FLS stock opened at $47.16 on Wednesday. The business’s fifty day moving average is $47.99 and its 200-day moving average is $47.41. The stock has a market cap of $6.21 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $52.09.

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

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s payout ratio is presently 47.46%.

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.