Wellington Management Group LLP Sells 1,593,324 Shares of Flowserve Co. (NYSE:FLS)

Wellington Management Group LLP decreased its holdings in shares of Flowserve Co. (NYSE:FLS) by 25.7% in the fourth quarter, Holdings Channel reports. The firm owned 4,608,085 shares of the industrial products company’s stock after selling 1,593,324 shares during the quarter. Wellington Management Group LLP’s holdings in Flowserve were worth $265,057,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Varenne Capital Partners bought a new position in shares of Flowserve during the 4th quarter worth approximately $26,216,000. Pictet Asset Management Holding SA lifted its holdings in shares of Flowserve by 9.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 18,752 shares of the industrial products company’s stock valued at $1,079,000 after acquiring an additional 1,581 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Flowserve in the 4th quarter valued at $422,000. Norges Bank bought a new stake in shares of Flowserve in the 4th quarter worth about $94,629,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Flowserve during the 4th quarter worth about $897,000. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Price Performance

Shares of FLS stock opened at $49.16 on Wednesday. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 1.35 and a beta of 1.43. Flowserve Co. has a 12 month low of $43.66 and a 12 month high of $65.08. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The stock has a 50-day moving average price of $55.93 and a 200 day moving average price of $56.59.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.07). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Research analysts expect that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a $0.21 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.71%. Flowserve’s dividend payout ratio is currently 39.25%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Stifel Nicolaus boosted their price target on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Robert W. Baird raised Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 target price on the stock in a report on Monday, March 17th. Mizuho raised their price target on Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. TD Cowen lifted their price objective on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Baird R W upgraded Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Company 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.