Blueshift Asset Management LLC Takes Position in Flowserve Corporation (NYSE:FLS)

Key Points

• Blueshift Asset Management LLC acquired a new position in Flowserve Corporation, purchasing 10,260 shares valued at approximately $501,000 in the first quarter.
• Analysts have raised their price targets for Flowserve, with Stifel Nicolaus increasing it from $63.00 to $66.00 and giving it a "buy" rating, reflecting positive outlook on the stock.
• Flowserve recently declared a quarterly dividend of $0.21 per share, translating to an annual yield of 1.6% with a payout ratio of 38.01%.

Blueshift Asset Management LLC bought a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,260 shares of the industrial products company's stock, valued at approximately $501,000.

A number of other institutional investors have also modified their holdings of FLS. Jefferies Financial Group Inc. grew its holdings in Flowserve by 17.4% in the first quarter. Jefferies Financial Group Inc. now owns 78,579 shares of the industrial products company's stock worth $3,838,000 after purchasing an additional 11,649 shares during the last quarter. US Bancorp DE boosted its stake in shares of Flowserve by 67.9% in the first quarter. US Bancorp DE now owns 9,609 shares of the industrial products company's stock worth $469,000 after buying an additional 3,887 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of Flowserve by 41.3% in the first quarter. Harbour Investments Inc. now owns 1,962 shares of the industrial products company's stock worth $96,000 after buying an additional 573 shares during the last quarter. Eastern Bank acquired a new position in shares of Flowserve in the first quarter worth about $2,139,000. Finally, Vestcor Inc raised its position in shares of Flowserve by 127.8% in the first quarter. Vestcor Inc now owns 9,343 shares of the industrial products company's stock worth $456,000 after acquiring an additional 5,241 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FLS shares. Robert W. Baird reduced their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Citigroup increased their price target on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday. The Goldman Sachs Group increased their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research report on Friday, May 16th. One equities research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $65.78.

Flowserve Stock Up 1.3%

Shares of FLS stock traded up $0.70 on Tuesday, hitting $54.47. The stock had a trading volume of 490,218 shares, compared to its average volume of 2,113,667. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. 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 firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 24.65, a P/E/G ratio of 1.13 and a beta of 1.28. The stock's 50 day moving average is $51.43 and its 200-day moving average is $51.53.

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

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 annualized dividend and a yield of 1.5%. Flowserve's dividend payout ratio (DPR) 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.