SageView Advisory Group LLC Raises Stock Position in Flowserve Corporation $FLS
by Danessa Lincoln · The Markets DailySageView Advisory Group LLC grew its holdings in Flowserve Corporation (NYSE:FLS – Free Report) by 55.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,000 shares of the industrial products company’s stock after buying an additional 2,500 shares during the period. SageView Advisory Group LLC’s holdings in Flowserve were worth $342,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Flowserve by 5.9% in the 1st 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 buying an additional 35,363 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Flowserve in the 1st quarter worth $426,000. Great Lakes Advisors LLC purchased a new position in shares of Flowserve in the 1st quarter worth $3,336,000. Caxton Associates LLP purchased a new position in shares of Flowserve in the 1st quarter worth $550,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Flowserve by 48.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 471,893 shares of the industrial products company’s stock worth $23,047,000 after buying an additional 153,553 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. Following the completion of the sale, the insider owned 37,196 shares in the company, valued at $1,979,571.12. This trade represents a 21.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.76% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of equities analysts have commented on FLS shares. Royal Bank Of Canada lifted their price objective on shares of Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. The Goldman Sachs Group raised their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Citigroup raised their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Finally, Stifel Nicolaus raised their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Flowserve currently has a consensus rating of “Buy” and an average price target of $65.78.
View Our Latest Report on Flowserve
Flowserve Trading Down 0.6%
Shares of FLS opened at $56.30 on Friday. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The company has a 50-day moving average of $54.02 and a 200 day moving average of $50.12. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.16 and a beta of 1.29. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50.
Flowserve (NYSE:FLS – Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.22 billion. On average, research analysts expect that Flowserve Corporation will post 3.18 EPS for the current year.
Flowserve Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. Flowserve’s dividend payout ratio (DPR) is presently 38.01%.
Flowserve 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.
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