Flowserve Corporation $FLS Shares Bought by Algert Global LLC

Key Points

• Algert Global LLC increased its stake in Flowserve Corporation by 15.7% to own 209,663 shares valued at approximately $10.24 million.
• Flowserve announced a quarterly dividend of $0.21 per share, representing an annual yield of 1.6%, payable on October 10th to investors of record.
• Several analysts have raised their price targets for Flowserve, with Citigroup adjusting its target from $58 to $65, reflecting a generally positive outlook on the stock.

Algert Global LLC boosted its position in Flowserve Corporation (NYSE:FLS - Free Report) by 15.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,663 shares of the industrial products company's stock after buying an additional 28,400 shares during the period. Algert Global LLC owned approximately 0.16% of Flowserve worth $10,240,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC grew its position in Flowserve by 9.7% in the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company's stock valued at $168,272,000 after buying an additional 258,361 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Flowserve by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,443,456 shares of the industrial products company's stock worth $119,332,000 after purchasing an additional 75,374 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Flowserve during the 1st quarter worth $111,598,000. Massachusetts Financial Services Co. MA boosted its position in shares of Flowserve by 6.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,954,365 shares of the industrial products company's stock worth $95,451,000 after purchasing an additional 122,161 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of Flowserve by 307.1% during the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock worth $108,651,000 after purchasing an additional 1,424,948 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction dated 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. The trade was a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.76% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FLS shares. Robert W. Baird decreased their target price on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Royal Bank Of Canada boosted their target price 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. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $65.78.

Flowserve Price Performance

Shares of Flowserve stock traded up $1.5920 on Friday, hitting $53.5720. The company's stock had a trading volume of 341,373 shares, compared to its average volume of 2,049,914. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The firm has a fifty day moving average price of $52.46 and a 200-day moving average price of $50.80. The company has a market capitalization of $7.01 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 1.08 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings data 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. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. On average, equities research analysts expect 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 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 yield of 1.6%. Flowserve's payout ratio is presently 38.01%.

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.