Flowserve Corporation $FLS Shares Sold by Peregrine Capital Management LLC

Peregrine Capital Management LLC cut its position in shares of Flowserve Corporation (NYSE:FLS) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 228,297 shares of the industrial products company’s stock after selling 27,010 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.17% of Flowserve worth $12,132,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in Flowserve by 48.2% in the first quarter. Goldman Sachs Group Inc. now owns 471,893 shares of the industrial products company’s stock valued at $23,047,000 after purchasing an additional 153,553 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Flowserve during the 1st quarter valued at about $550,000. Great Lakes Advisors LLC purchased a new position in shares of Flowserve during the 1st quarter worth about $3,336,000. United Services Automobile Association acquired a new stake in shares of Flowserve in the first quarter worth approximately $426,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Flowserve by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 634,846 shares of the industrial products company’s stock worth $31,006,000 after acquiring an additional 35,363 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Insiders Place Their Bets

In other Flowserve news, CFO Amy B. Schwetz sold 47,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $71.02, for a total value of $3,337,940.00. Following the completion of the transaction, the chief financial officer directly owned 52,628 shares of the company’s stock, valued at $3,737,640.56. This represents a 47.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Susan Claire Hudson sold 10,667 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $70.01, for a total value of $746,796.67. Following the sale, the insider owned 6,589 shares of the company’s stock, valued at $461,295.89. This represents a 61.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 59,276 shares of company stock worth $4,196,578 in the last quarter. 0.76% of the stock is owned by corporate insiders.

Flowserve Price Performance

FLS stock opened at $71.84 on Friday. The firm has a market cap of $9.13 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 1.28 and a beta of 1.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.54 and a current ratio of 2.10. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $74.63. The stock has a 50-day simple moving average of $70.23 and a 200-day simple moving average of $59.50.

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

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Friday, December 26th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 26th. This represents a $0.84 annualized dividend and a yield of 1.2%. Flowserve’s payout ratio is 24.42%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLS. Weiss Ratings reissued a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday, October 8th. Jefferies Financial Group lifted their target price on Flowserve from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. Bank of America restated a “neutral” rating and set a $73.00 price target (up from $60.00) on shares of Flowserve in a research note on Friday, November 14th. Citigroup boosted their target price on Flowserve from $68.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Finally, UBS Group raised their price target on shares of Flowserve from $65.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.60.

About Flowserve

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.