Nuveen LLC Makes New Investment in Flowserve Corporation (NYSE:FLS)

Key Points

• Nuveen LLC acquired 2,284,967 shares of Flowserve Corporation, representing a valued investment of approximately $111.6 million, amounting to about 1.75% ownership in the company.
• Flowserve reported a quarterly EPS of $0.91 for the last quarter, surpassing expectations while generating $1.19 billion in revenue.
• The company has announced a quarterly dividend of $0.21, with a dividend yield of 1.6% and a payout ratio of 38.01%.

Nuveen LLC acquired a new stake in Flowserve Corporation (NYSE:FLS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,284,967 shares of the industrial products company's stock, valued at approximately $111,598,000. Nuveen LLC owned 1.75% of Flowserve at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Aigen Investment Management LP purchased a new stake in shares of Flowserve in the first quarter valued at about $829,000. Strengthening Families & Communities LLC purchased a new stake in shares of Flowserve in the first quarter valued at about $53,000. National Bank of Canada FI grew its holdings in shares of Flowserve by 93.7% in the first quarter. National Bank of Canada FI now owns 13,047 shares of the industrial products company's stock valued at $638,000 after purchasing an additional 6,310 shares during the period. Headlands Technologies LLC grew its holdings in shares of Flowserve by 553.0% in the first quarter. Headlands Technologies LLC now owns 3,193 shares of the industrial products company's stock valued at $156,000 after purchasing an additional 2,704 shares during the period. Finally, Atria Wealth Solutions Inc. grew its holdings in shares of Flowserve by 96.2% in the first quarter. Atria Wealth Solutions Inc. now owns 11,429 shares of the industrial products company's stock valued at $558,000 after purchasing an additional 5,604 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FLS. The Goldman Sachs Group upped their price objective on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Royal Bank Of Canada increased their target price 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. Stifel Nicolaus increased their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday, May 16th. Finally, Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $65.78.

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the firm'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 of the company's stock, valued at approximately $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.76% of the company's stock.

Flowserve Stock Down 0.6%

Shares of NYSE FLS traded down $0.31 during midday trading on Friday, hitting $52.70. The company's stock had a trading volume of 1,033,172 shares, compared to its average volume of 2,733,266. The business's fifty day simple moving average is $52.07 and its two-hundred day simple moving average is $50.99. 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 Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The firm has a market capitalization of $6.89 billion, a price-to-earnings ratio of 23.85, a price-to-earnings-growth ratio of 1.10 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.22 billion. On average, equities analysts predict that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. 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.