RPG Investment Advisory LLC Acquires New Position in Flowserve Corporation $FLS

Key Points

• RPG Investment Advisory LLC purchased 15,370 shares of Flowserve Corporation, worth approximately $751,000, during the first quarter.
• Several hedge funds increased their stakes in Flowserve, with Allspring Global Investments Holdings LLC boosting its position by 453.3% during the same period.
• Flowserve reported a quarterly EPS of $0.91, exceeding analysts' expectations, and declared a quarterly dividend of $0.21, indicating a strong financial performance.

RPG Investment Advisory LLC acquired a new stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 15,370 shares of the industrial products company's stock, valued at approximately $751,000.

Other institutional investors also recently made changes to their positions in the company. Park Square Financial Group LLC purchased a new position in shares of Flowserve in the fourth quarter worth approximately $33,000. Colonial Trust Co SC increased its stake in shares of Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after purchasing an additional 478 shares during the last quarter. True Wealth Design LLC increased its stake in shares of Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock worth $51,000 after purchasing an additional 394 shares during the last quarter. Signaturefd LLC grew its stake in Flowserve by 71.5% in the 1st 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 last quarter. Finally, Brooklyn Investment Group grew its stake in Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after buying an additional 349 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the company's stock in a transaction 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 owned 37,196 shares in the company, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.76% of the company's stock.

Flowserve Trading Down 0.8%

Shares of Flowserve stock traded down $0.4390 on Monday, reaching $53.1110. 1,309,163 shares of the company's stock were exchanged, compared to its average volume of 2,050,396. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The firm's 50-day moving average is $52.60 and its two-hundred day moving average is $50.56. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. The company has a market capitalization of $6.95 billion, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 1.11 and a beta of 1.28.

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

Flowserve Announces Dividend

The firm also recently declared 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. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is 38.01%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Stifel Nicolaus increased their price target on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Mizuho set a $60.00 price objective on shares of Flowserve in a research report on Friday, May 16th. Royal Bank Of Canada lifted their price target on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Robert W. Baird cut their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $65.78.

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.