Texas Permanent School Fund reduces its stake in Flowserve Co. (NYSE: FLS)

The Texas Permanent School Fund reduced its holdings in Flowserve Co. (NYSE: FLS – Get Rating) by 2.1% during the first quarter, according to the company in its latest 13F filing with the Securities & Exchange Commission. The company held 92,354 shares of the industrial products company’s shares after selling 1,976 shares during the quarter. Texas Permanent School Fund held 0.07% of Flowserve worth $3,316,000 when it last filed with the Securities & Exchange Commission.

Other large investors have also recently increased or reduced their stake in the company. CIBC Asset Management Inc. bought a new position in shares of Flowserve in the first quarter valued at approximately $514,000. Murphy Pohlad Asset Management LLC increased its position in Flowserve shares by 9.7% in the first quarter. Murphy Pohlad Asset Management LLC now owns 96,795 shares of the industrial products company valued at $3,474,000 after acquiring an additional 8,595 shares during the period. Skylands Capital LLC bought a new position in shares of Flowserve in the first quarter worth approximately $819,000. Russell Investments Group Ltd. increased its equity stake in Flowserve by 21.6% during the 1st quarter. Russell Investments Group Ltd. now owns 957,140 shares of the industrial products company valued at $34,357,000 after purchasing an additional 170,315 shares last quarter. Finally, Isthmus Partners LLC increased its stake in Flowserve shares by 15.6% during the 1st quarter. Isthmus Partners LLC now owns 193,324 shares of the industrial products company valued at $6,940,000 after purchasing an additional 26,103 shares last quarter. Hedge funds and other institutional investors hold 97.65% of the company’s shares.

Flowserve stock down 0.0%

Flowserve shares opened at $33.81 on Tuesday. The company has a debt ratio of 0.71, a quick ratio of 1.40 and a current ratio of 2.09. The company has a 50-day simple moving average of $30.03 and a two-hundred-day simple moving average of $31.92. Flowserve Co. has a 52-week low of $26.84 and a 52-week high of $40.96. The stock has a market capitalization of $4.42 billion, a PE ratio of 46.32, a growth price-earnings ratio of 1.38 and a beta of 1.58.

Flowserve (NYSE:FLS – Get Rating) last announced its results on Wednesday, July 27. The industrial products company reported EPS of $0.30 for the quarter, beating consensus analyst estimates of $0.26 by $0.04. Flowserve achieved a net margin of 2.74% and a return on equity of 8.12%. The company posted revenue of $882.22 million in the quarter, compared to $886.53 million expected by analysts. In the same period a year earlier, the company had earned earnings per share of $0.37. The company’s revenue was down 1.8% year over year. On average, analysts expect Flowserve Co. to post 1.52 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 8. Investors of record on Friday, June 24 received a dividend of $0.20 per share. The ex-dividend date was Thursday, June 23. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 2.37%. Flowserve’s dividend payout ratio is 109.59%.

Analyst upgrades and downgrades

FLS have been the subject of several research reports. Royal Bank of Canada cut its target price on Flowserve shares from $38.00 to $33.00 in a Wednesday, May 4 research note. Citigroup raised its price target on Flowserve shares from $33.00 to $39.00 in a research note on Monday, August 1. Stifel Nicolaus cut his target price on Flowserve shares from $42.00 to $35.00 in a Wednesday, May 4 research note. Finally, Bank of America downgraded Flowserve shares from an “underperforming” to a “neutral” rating and set a price target of $31.00 on the stock in a Monday research note. 11 July. Four equity research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $37.13.

Flowserve Company Profile

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Flowserve Corporation designs, develops, manufactures, distributes and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia and internationally. It operates in two segments, Flowserve Pump Division (FPD) and Flow Control Division (FCD). The FPD segment offers custom and preconfigured pumps and pumping systems, mechanical seals, auxiliary systems, spare parts, upgrades and related aftermarket services, including installation and commissioning services. service, sealing system spares, repairs, advanced diagnostics, repricing and upgrade solutions, modernization programs and machining and asset management solutions, as well as the manufacturing of ‘a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines.

Further reading

Want to see which other hedge funds hold FLS? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Flowserve Co. (NYSE: FLS – Get Rating).

Institutional ownership by quarter for Flowserve (NYSE:FLS)

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