Ridgewood Investments LLC reduced its holdings in shares of Flowserve Corp (NYSE:FLS) by 16.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 9,877 shares of the industrial products company’s stock after selling 1,950 shares during the quarter. Ridgewood Investments LLC’s holdings in Flowserve were worth $540,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Zurich Insurance Group Ltd FI purchased a new stake in Flowserve in the 2nd quarter worth approximately $131,000. Visionary Asset Management Inc. purchased a new stake in Flowserve in the 3rd quarter worth approximately $218,000. Point72 Hong Kong Ltd purchased a new stake in Flowserve in the 2nd quarter worth approximately $163,000. Tower Research Capital LLC TRC purchased a new stake in Flowserve in the 2nd quarter worth approximately $174,000. Finally, Marshwinds Advisory Co. purchased a new stake in Flowserve in the 3rd quarter worth approximately $246,000.
Shares of NYSE:FLS traded up $1.48 during trading on Tuesday, reaching $45.93. The company had a trading volume of 115,338 shares, compared to its average volume of 1,068,180. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 1.54 and a beta of 1.53. Flowserve Corp has a 12 month low of $37.71 and a 12 month high of $56.86. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.25 and a quick ratio of 1.61.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 21st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Thursday, September 20th. Flowserve’s dividend payout ratio is currently 55.88%.
Several research firms have issued reports on FLS. Stifel Nicolaus increased their target price on shares of Flowserve from $47.00 to $52.00 and gave the stock a “hold” rating in a research note on Monday, October 8th. Zacks Investment Research upgraded shares of Flowserve from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Tuesday, September 11th. Northcoast Research upgraded shares of Flowserve from a “neutral” rating to a “buy” rating in a research note on Thursday, September 13th. Vertical Research cut shares of Flowserve from a “hold” rating to a “sell” rating and set a $44.00 target price on the stock. in a research note on Thursday, October 18th. Finally, Morgan Stanley initiated coverage on shares of Flowserve in a report on Monday, August 20th. They issued an “equal weight” rating and a $50.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. Flowserve has a consensus rating of “Hold” and a consensus price target of $48.86.
Flowserve Corporation designs, 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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