Flowserve Corporation $FLS Stock: Beutel Goodman & Co Ltd. Boosts Stake

Beutel Goodman & Co Ltd. raised its stake in shares of Flowserve Corporation (NYSE:FLS) by 4.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,454,279 shares of the industrial products company’s stock after acquiring an additional 142,513 shares during the period. Flowserve makes up about 2.0% of Beutel Goodman & Co Ltd.’s holdings, making the stock its 18th largest holding. Beutel Goodman & Co Ltd.’s holdings in Flowserve were worth $252,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FLS. Pension & Wealth Management Advisors Inc. bought a new stake in shares of Flowserve during the third quarter valued at approximately $33,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Flowserve in the second quarter worth $34,000. Global Retirement Partners LLC bought a new position in shares of Flowserve during the second quarter worth $38,000. Root Financial Partners LLC bought a new position in shares of Flowserve during the third quarter worth $41,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of Flowserve during the second quarter worth $48,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Performance

NYSE FLS opened at $85.73 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.10 and a quick ratio of 1.53. Flowserve Corporation has a 1-year low of $63.27 and a 1-year high of $92.41. The business has a 50 day simple moving average of $74.31 and a two-hundred day simple moving average of $76.57. The stock has a market capitalization of $10.87 billion, a PE ratio of 20.40, a P/E/G ratio of 1.79 and a beta of 1.28.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Wednesday, October 28th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.09. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Flowserve had a return on equity of 22.14% and a net margin of 5.42%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. On average, research analysts predict that Flowserve Corporation will post 4.16 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, September 25th. Flowserve’s payout ratio is currently 44.22%.

Analyst Ratings Changes

Several research firms recently weighed in on FLS. Stifel Nicolaus raised their target price on shares of Flowserve from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings cut shares of Flowserve from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. Wall Street Zen upgraded shares of Flowserve from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Citigroup increased their price objective on shares of Flowserve from $92.00 to $93.00 and gave the company a “buy” rating in a report on Friday, October 30th. Finally, Mizuho cut their price objective on Flowserve from $91.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, October 15th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.44.

Flowserve Company Profile

Flowserve Corporation is a global manufacturer of flow-control equipment and a provider of related services. Its products include pumps, valves, mechanical seals, and equipment used to monitor and control the movement of liquids and gases.

The company serves customers in industries such as oil and gas, chemicals, power generation, water, and general industrial markets. In addition to supplying equipment, Flowserve provides maintenance, repair, and other aftermarket services to support customers’ operations.

Flowserve was formed in 1997 through the merger of BW/IP and Durco International, bringing together businesses with longer histories in pump and flow-control manufacturing.