Allianz Asset Management GmbH Has $562,000 Stock Position in Flowserve Corporation (NYSE:FLS)

Key Points

• Allianz Asset Management cut its stake in Flowserve Corporation by 80.9% in the first quarter, reducing ownership to 11,510 shares valued at $562,000.
• Flowserve's stock is currently trading at $53.86, with a recent trading volume of 3,289,766 shares and a market cap of $7.04 billion.
• The company reported $0.91 earnings per share for the last quarter, exceeding expectations, and has an annualized dividend yield of 1.6%.

Allianz Asset Management GmbH reduced its position in Flowserve Corporation (NYSE:FLS - Free Report) by 80.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,510 shares of the industrial products company's stock after selling 48,876 shares during the quarter. Allianz Asset Management GmbH's holdings in Flowserve were worth $562,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Headlands Technologies LLC boosted its stake in shares of Flowserve by 4,790.0% in the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 479 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Flowserve in the 4th quarter valued at approximately $33,000. Colonial Trust Co SC grew its position 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 valued at $34,000 after buying an additional 478 shares during the last quarter. True Wealth Design LLC raised its position 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 period. Finally, Signaturefd LLC boosted its holdings in shares of Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 429 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Trading Up 1.3%

Shares of NYSE FLS traded up $0.70 during mid-day trading on Tuesday, hitting $54.47. The company's stock had a trading volume of 490,218 shares, compared to its average volume of 2,113,667. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 1.13 and a beta of 1.28. The company's fifty day simple moving average is $51.43 and its 200-day simple moving average is $51.53. 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 posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $1.22 billion. On average, sell-side analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. Flowserve's dividend payout ratio is 38.01%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Royal Bank Of Canada boosted their price target on shares of Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Robert W. Baird lowered their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Finally, The Goldman Sachs Group boosted their target price on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. One equities 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. According to MarketBeat, the stock currently 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.