Retirement Systems of Alabama Boosts Stock Position in Flowserve Corporation $FLS

Retirement Systems of Alabama increased its position in shares of Flowserve Corporation (NYSE:FLS) by 50.5% in the 2nd quarter, Holdings Channel reports. The firm owned 240,681 shares of the industrial products company’s stock after purchasing an additional 80,780 shares during the period. Retirement Systems of Alabama’s holdings in Flowserve were worth $12,600,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of Flowserve by 5.4% during the first quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company’s stock worth $237,185,000 after purchasing an additional 248,273 shares in the last quarter. Earnest Partners LLC increased its position in shares of Flowserve by 6.8% during the first quarter. Earnest Partners LLC now owns 2,741,538 shares of the industrial products company’s stock worth $133,897,000 after purchasing an additional 173,528 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Flowserve by 3.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,443,456 shares of the industrial products company’s stock worth $119,332,000 after purchasing an additional 75,374 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Flowserve during the first quarter worth approximately $111,598,000. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Flowserve by 6.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,954,365 shares of the industrial products company’s stock worth $95,451,000 after purchasing an additional 122,161 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value of $532,200.00. Following the transaction, the insider owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.76% of the stock is currently owned by company insiders.

Flowserve Stock Performance

Shares of Flowserve stock opened at $68.20 on Friday. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $70.32. The business’s fifty day simple moving average is $54.56 and its 200-day simple moving average is $51.77. The firm has a market cap of $8.92 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.38 and a beta of 1.27. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Flowserve had a return on equity of 19.41% and a net margin of 9.66%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the company posted $0.62 EPS. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. Equities analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, September 26th. Flowserve’s dividend payout ratio is 24.42%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FLS shares. Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a report on Friday, October 3rd. The Goldman Sachs Group upped their target price on Flowserve from $64.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday. Zacks Research cut Flowserve from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Citigroup upped their target price on Flowserve from $68.00 to $82.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank Of Canada upped their target price on Flowserve from $66.00 to $76.00 and gave the company an “outperform” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Flowserve has a consensus rating of “Moderate Buy” and an average price target of $74.00.

About Flowserve

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.