Beutel Goodman & Co Ltd. Trims Stake in Flowserve Co. (NYSE:FLS)

Beutel Goodman & Co Ltd. lessened its holdings in shares of Flowserve Co. (NYSE:FLS) by 42.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,574,832 shares of the industrial products company’s stock after selling 1,868,784 shares during the period. Beutel Goodman & Co Ltd. owned about 1.96% of Flowserve worth $148,104,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FLS. True Wealth Design LLC purchased a new position in Flowserve during the 3rd quarter valued at $25,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Flowserve during the third quarter valued at $29,000. UMB Bank n.a. grew its holdings in shares of Flowserve by 64.2% in the fourth quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 278 shares during the last quarter. Brooklyn Investment Group purchased a new position in Flowserve in the 3rd quarter worth about $42,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Flowserve by 185.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock valued at $53,000 after buying an additional 595 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FLS. Citigroup reduced their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. TD Cowen raised their price objective on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Baird R W upgraded Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Stifel Nicolaus raised their price target on Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Mizuho upped their price objective on shares of Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Two 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

Flowserve Price Performance

Shares of FLS opened at $48.72 on Friday. The company has a 50 day moving average of $56.54 and a two-hundred day moving average of $56.40. 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 Co. has a twelve month low of $43.66 and a twelve month high of $65.08. The company has a market cap of $6.42 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 1.35 and a beta of 1.43.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share 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 analysts’ expectations of $1.21 billion. As a group, analysts predict that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s dividend payout ratio (DPR) is presently 39.25%.

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.