Retirement Systems of Alabama Sells 2,905 Shares of Flowserve Co. (NYSE:FLS)

Retirement Systems of Alabama cut its position in Flowserve Co. (NYSE:FLS) by 1.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 159,588 shares of the industrial products company’s stock after selling 2,905 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Flowserve worth $8,249,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Millennium Management LLC raised its stake in shares of Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after acquiring an additional 1,596,429 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Flowserve by 31.8% during the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Flowserve by 197.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock valued at $47,207,000 after purchasing an additional 606,416 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in shares of Flowserve during the 2nd quarter valued at $23,911,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Flowserve by 34.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after purchasing an additional 422,141 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Performance

Shares of NYSE FLS opened at $59.83 on Wednesday. The company has a 50 day simple moving average of $57.77 and a two-hundred day simple moving average of $51.68. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 1.48 and a beta of 1.41. 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 12 month low of $39.21 and a 12 month high of $62.32.

Flowserve (NYSE:FLS) last posted 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). The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 earnings per share. As a group, analysts predict that Flowserve Co. will post 2.71 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.40%. Flowserve’s payout ratio is 41.58%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Stifel Nicolaus upped their target price on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird upped their price objective on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $57.00 to $69.00 in a research note on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price on the stock. Finally, Citigroup raised their price target on shares of Flowserve from $65.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Two investment 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 an average rating of “Moderate Buy” and a consensus 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.