Chase Investment Counsel Corp Sells 1,008 Shares of Flowserve Co. (NYSE:FLS)

Chase Investment Counsel Corp cut its holdings in shares of Flowserve Co. (NYSE:FLS) by 0.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 106,693 shares of the industrial products company’s stock after selling 1,008 shares during the period. Flowserve accounts for approximately 2.0% of Chase Investment Counsel Corp’s portfolio, making the stock its 15th biggest position. Chase Investment Counsel Corp’s holdings in Flowserve were worth $6,136,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after acquiring an additional 37,132 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Flowserve by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock worth $134,577,000 after acquiring an additional 44,039 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Flowserve by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after acquiring an additional 23,529 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Flowserve by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company’s stock worth $90,761,000 after acquiring an additional 4,414 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after acquiring an additional 422,141 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FLS shares. Stifel Nicolaus lifted their price target on Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. TD Cowen lifted their price target on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Royal Bank of Canada dropped their price target on Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Robert W. Baird lifted their target price on Flowserve from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and lifted their target price for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.60.

Flowserve Price Performance

Shares of NYSE FLS opened at $55.03 on Friday. The business’s 50 day moving average price is $60.22 and its two-hundred day moving average price is $56.05. The company has a market cap of $7.23 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 1.35 and a beta of 1.42. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. Flowserve Co. has a twelve month low of $41.78 and a twelve month high of $65.08.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. On average, analysts predict that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, March 28th. Flowserve’s dividend payout ratio is presently 39.25%.

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.