RPG Investment Advisory LLC Makes New Investment 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 bought a new stake in Flowserve Corporation (NYSE:FLS - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 15,370 shares of the industrial products company's stock, valued at approximately $751,000.

Several other hedge funds have also modified their holdings of FLS. T. Rowe Price Investment Management Inc. acquired a new position in Flowserve during the first quarter worth $9,270,000. Capital Fund Management S.A. acquired a new position in Flowserve in the first quarter valued at $4,886,000. Erste Asset Management GmbH increased its stake in Flowserve by 978.8% in the first quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company's stock valued at $49,025,000 after purchasing an additional 910,750 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Flowserve by 50.4% in the first quarter. Hsbc Holdings PLC now owns 163,402 shares of the industrial products company's stock valued at $7,915,000 after acquiring an additional 54,771 shares during the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new position in Flowserve in the first quarter valued at $15,004,000. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Stock Performance

Shares of Flowserve stock traded up $0.63 during trading on Wednesday, reaching $54.96. The company's stock had a trading volume of 759,138 shares, compared to its average volume of 2,042,066. 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 business's fifty day moving average price is $52.87 and its 200-day moving average price is $50.52. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 1.10 and a beta of 1.28. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. As a group, equities research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

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 given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, September 26th. Flowserve's payout ratio is 38.01%.

Insiders Place Their Bets

In related news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were 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. The trade was a 21.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

FLS has been the subject of a number of recent research reports. The Goldman Sachs Group increased their target price on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Mizuho set a $60.00 price objective on Flowserve in a report on Friday, May 16th. Royal Bank Of Canada boosted their price objective on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Stifel Nicolaus upped their target price on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Citigroup boosted their price objective on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $65.78.

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.