Comerica Bank Has $2.42 Million Stock Position in Flowserve Co. (NYSE:FLS)

Comerica Bank reduced its position in shares of Flowserve Co. (NYSE:FLS) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,073 shares of the industrial products company’s stock after selling 1,559 shares during the period. Comerica Bank’s holdings in Flowserve were worth $2,420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FLS. New York Life Investment Management LLC acquired a new stake in shares of Flowserve in the fourth quarter valued at about $800,000. American Century Companies Inc. grew its stake in shares of Flowserve by 25.9% in the fourth quarter. American Century Companies Inc. now owns 110,994 shares of the industrial products company’s stock worth $6,384,000 after acquiring an additional 22,850 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Flowserve during the fourth quarter worth $422,000. Commonwealth Equity Services LLC raised its stake in Flowserve by 103.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 20,806 shares of the industrial products company’s stock valued at $1,197,000 after purchasing an additional 10,557 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Flowserve by 19.1% in the 4th quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 290 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Trading Up 2.7 %

Shares of Flowserve stock opened at $47.95 on Friday. Flowserve Co. has a 12-month low of $37.34 and a 12-month high of $65.08. The stock has a market capitalization of $6.27 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 1.35 and a beta of 1.21. The company has a 50-day simple moving average of $46.23 and a 200 day simple moving average of $54.83. 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 (NYSE:FLS) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. Flowserve’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a $0.21 dividend. The ex-dividend date was Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.75%. Flowserve’s dividend payout ratio is 39.25%.

Analyst Ratings Changes

FLS has been the subject of a number of research analyst reports. Mizuho upped their price objective on shares of Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. TD Cowen upped their price target on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada lifted their price objective on Flowserve from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Citigroup cut their target price on Flowserve from $72.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Baird R W upgraded shares of Flowserve from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 17th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $64.11.

Flowserve Profile

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.