Flowserve Co. (NYSE:FLS) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P cut its holdings in Flowserve Co. (NYSE:FLS) by 3.7% during the fourth quarter, HoldingsChannel reports. The firm owned 102,345 shares of the industrial products company’s stock after selling 3,960 shares during the period. Martingale Asset Management L P’s holdings in Flowserve were worth $5,887,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of FLS. FIL Ltd increased its stake in Flowserve by 71.7% in the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after purchasing an additional 2,193,904 shares during the period. Norges Bank purchased a new stake in shares of Flowserve in the fourth quarter valued at about $94,629,000. Invesco Ltd. boosted its holdings in shares of Flowserve by 52.7% in the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company’s stock valued at $118,953,000 after acquiring an additional 714,063 shares in the last quarter. Varenne Capital Partners purchased a new stake in shares of Flowserve in the fourth quarter valued at about $26,216,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Flowserve in the fourth quarter valued at about $23,614,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FLS. Citigroup lowered their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Stifel Nicolaus lifted their target price on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Baird R W raised shares of Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Mizuho lifted their target price on shares of Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, TD Cowen boosted their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

Flowserve Stock Performance

FLS stock opened at $44.54 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. The stock has a market cap of $5.87 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.35 and a beta of 1.22. The firm has a 50 day simple moving average of $52.74 and a 200 day simple moving average of $56.20. Flowserve Co. has a 52 week low of $37.34 and a 52 week high of $65.08.

Flowserve (NYSE:FLS) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. Research analysts anticipate that Flowserve Co. will post 3.18 earnings per share for the current fiscal 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 paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Friday, March 28th. Flowserve’s payout ratio is 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.