Great Lakes Advisors LLC Purchases New Holdings in Flowserve Corporation $FLS

Great Lakes Advisors LLC acquired a new position in shares of Flowserve Corporation (NYSE:FLS) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 68,308 shares of the industrial products company’s stock, valued at approximately $3,336,000.

A number of other hedge funds also recently made changes to their positions in the stock. Park Square Financial Group LLC bought a new stake in Flowserve during the 4th quarter worth $33,000. Signaturefd LLC lifted its holdings in Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after buying an additional 429 shares during the period. Strengthening Families & Communities LLC bought a new stake in shares of Flowserve during the 1st quarter valued at about $53,000. Brooklyn Investment Group boosted its holdings in shares of Flowserve by 47.2% during the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company’s stock worth $53,000 after buying an additional 349 shares in the last quarter. Finally, Tsfg LLC acquired a new stake in Flowserve in the first quarter worth $70,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FLS. Mizuho set a $60.00 price objective on Flowserve in a research note on Friday, May 16th. Citigroup increased their target price on Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 14th. The Goldman Sachs Group boosted their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Stifel Nicolaus raised their price objective on shares of Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada lifted their price objective on shares of Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Flowserve currently has a consensus rating of “Buy” and a consensus price target of $65.78.

Flowserve Price Performance

Shares of NYSE:FLS opened at $56.21 on Thursday. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $7.35 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 1.13 and a beta of 1.29. The stock’s fifty day simple moving average is $53.97 and its two-hundred day simple moving average is $50.10. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. As a group, analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. Flowserve’s dividend payout ratio (DPR) is currently 38.01%.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.76% of the stock is owned by insiders.

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.