Ridgewood Investments LLC lowered its holdings in Flowserve Corp (NYSE:FLS) by 4.9% in the 1st quarter, HoldingsChannel reports. The fund owned 9,393 shares of the industrial products company’s stock after selling 484 shares during the quarter. Ridgewood Investments LLC’s holdings in Flowserve were worth $424,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Standard Life Aberdeen plc boosted its stake in shares of Flowserve by 19.8% in the third quarter. Standard Life Aberdeen plc now owns 36,066 shares of the industrial products company’s stock valued at $1,973,000 after purchasing an additional 5,972 shares during the period. Enlightenment Research LLC bought a new position in shares of Flowserve in the 4th quarter worth about $95,000. Geode Capital Management LLC lifted its position in shares of Flowserve by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 1,795,400 shares of the industrial products company’s stock worth $68,149,000 after buying an additional 134,350 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Flowserve in the 3rd quarter worth about $526,000. Finally, Legal & General Group Plc lifted its position in shares of Flowserve by 2.3% in the 3rd quarter. Legal & General Group Plc now owns 608,657 shares of the industrial products company’s stock worth $33,287,000 after buying an additional 13,925 shares during the last quarter.
Shares of FLS traded down $0.26 during midday trading on Monday, hitting $48.71. The stock had a trading volume of 36,742 shares, compared to its average volume of 820,747. Flowserve Corp has a fifty-two week low of $35.88 and a fifty-two week high of $56.86. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 1.45 and a beta of 1.64. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.20 and a quick ratio of 1.62.
The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Thursday, March 28th. Flowserve’s payout ratio is 43.43%.
A number of research firms recently weighed in on FLS. Credit Suisse Group reaffirmed a “neutral” rating and issued a $42.00 price objective (down previously from $48.00) on shares of Flowserve in a report on Thursday, January 3rd. TheStreet raised shares of Flowserve from a “c” rating to a “b-” rating in a research note on Wednesday, February 27th. Zacks Investment Research cut shares of Flowserve from a “buy” rating to a “hold” rating in a research note on Tuesday, January 8th. Morgan Stanley cut shares of Flowserve from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, December 18th. Finally, ValuEngine cut shares of Flowserve from a “buy” rating to a “hold” rating in a research note on Wednesday, February 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Flowserve currently has an average rating of “Hold” and an average target price of $48.85.
In other Flowserve news, insider John Lenander sold 6,818 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $44.75, for a total value of $305,105.50. Following the completion of the transaction, the insider now directly owns 22,130 shares in the company, valued at $990,317.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.31% of the company’s stock.
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Flowserve Company Profile
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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