State Treasurer State of Michigan decreased its position in Flowserve Corp (NYSE:FLS) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,275 shares of the industrial products company’s stock after selling 1,400 shares during the period. State Treasurer State of Michigan’s holdings in Flowserve were worth $1,613,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FLS. Zions Bancorporation purchased a new stake in shares of Flowserve in the third quarter valued at approximately $117,000. Robeco Institutional Asset Management B.V. purchased a new stake in Flowserve during the fourth quarter worth $118,000. Commerce Bank purchased a new stake in Flowserve during the third quarter worth $217,000. Thrivent Financial For Lutherans lifted its holdings in Flowserve by 3.5% during the second quarter. Thrivent Financial For Lutherans now owns 4,970 shares of the industrial products company’s stock worth $231,000 after buying an additional 170 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in Flowserve by 2.5% during the second quarter. Verition Fund Management LLC now owns 5,232 shares of the industrial products company’s stock worth $243,000 after buying an additional 126 shares during the period.
A number of research firms have weighed in on FLS. Zacks Investment Research lowered Flowserve from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Stifel Nicolaus restated a “hold” rating and set a $47.00 target price (up previously from $43.00) on shares of Flowserve in a report on Tuesday, January 16th. Royal Bank of Canada restated a “sell” rating and set a $39.00 target price on shares of Flowserve in a report on Thursday, January 4th. Robert W. Baird restated a “hold” rating and set a $45.00 target price on shares of Flowserve in a report on Friday, December 15th. Finally, Goldman Sachs Group lowered Flowserve from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $42.65 to $37.00 in a report on Thursday, December 7th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. Flowserve has an average rating of “Hold” and a consensus price target of $43.92.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 19th. Stockholders of record on Friday, January 5th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Thursday, January 4th. Flowserve’s payout ratio is presently 58.92%.
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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