Aigen Investment Management LP Buys Shares of 16,976 Flowserve Corporation (NYSE:FLS)

Key Points

• Aigen Investment Management LP has taken a new position in Flowserve Corporation, acquiring 16,976 shares valued at approximately $829,000.
• Flowserve's dividend yield stands at 1.6%, with a recent quarterly dividend of $0.21 per share, reflecting a payout ratio of 38.01%.
• Wall Street analysts have a consensus rating of “Buy” for Flowserve, with an average price target of $65.78, indicating potential growth in stock value.

Aigen Investment Management LP acquired a new stake in Flowserve Corporation (NYSE:FLS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,976 shares of the industrial products company's stock, valued at approximately $829,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in Flowserve by 5.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 242,383 shares of the industrial products company's stock worth $13,942,000 after purchasing an additional 12,644 shares in the last quarter. Federated Hermes Inc. increased its position in Flowserve by 7.7% during the 4th quarter. Federated Hermes Inc. now owns 33,957 shares of the industrial products company's stock worth $1,953,000 after purchasing an additional 2,425 shares in the last quarter. Cerity Partners LLC boosted its holdings in Flowserve by 11.5% in the 4th quarter. Cerity Partners LLC now owns 65,304 shares of the industrial products company's stock worth $3,713,000 after acquiring an additional 6,717 shares during the period. Bank of Nova Scotia boosted its stake in shares of Flowserve by 23.3% during the 4th quarter. Bank of Nova Scotia now owns 12,997 shares of the industrial products company's stock valued at $748,000 after buying an additional 2,457 shares during the last quarter. Finally, Advisory Services Network LLC lifted its stake in Flowserve by 23.4% during the fourth quarter. Advisory Services Network LLC now owns 5,792 shares of the industrial products company's stock worth $333,000 after purchasing an additional 1,097 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Stock Performance

Shares of FLS traded down $0.31 during mid-day trading on Friday, reaching $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 stock has a market cap of $6.89 billion, a P/E ratio of 23.85, a PEG ratio of 1.10 and a beta of 1.28. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The business has a 50-day simple moving average of $52.07 and a two-hundred day simple moving average of $51.07.

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, topping analysts' consensus estimates of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. As a group, equities research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve's payout ratio is presently 38.01%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FLS. Mizuho set a $60.00 price target on Flowserve in a report on Friday, May 16th. Robert W. Baird reduced their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group boosted their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Citigroup upped their price target on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Flowserve currently has an average rating of "Buy" and an average price target of $65.78.

Insider Buying and Selling

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.