Canada Pension Plan Investment Board Sells 247,734 Shares of Flowserve Corporation $FLS

Key Points

• The Canada Pension Plan Investment Board sold 247,734 shares of Flowserve Corporation, reducing its stake by 48.7% to 260,466 shares, valued at approximately $12.7 million.
• Several institutional investors increased their stakes in Flowserve, with Allspring Global Investments lifting its position by 453.3%, resulting in ownership of 170,808 shares valued at $8.4 million.
• Flowserve Corporation reported a quarterly earnings per share (EPS) of $0.91, exceeding expectations, and announced a dividend of $0.21 per share, representing a yield of 1.6%.

Canada Pension Plan Investment Board trimmed its position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 48.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 260,466 shares of the industrial products company's stock after selling 247,734 shares during the period. Canada Pension Plan Investment Board owned 0.20% of Flowserve worth $12,721,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Flowserve by 0.4% during the first quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock worth $14,763,000 after purchasing an additional 1,103 shares during the period. KBC Group NV boosted its position in Flowserve by 4.8% during the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after purchasing an additional 258 shares during the period. GAMMA Investing LLC increased its holdings in shares of Flowserve by 26.6% in the first quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock valued at $112,000 after purchasing an additional 481 shares during the last quarter. Johnson Investment Counsel Inc. bought a new position in shares of Flowserve in the first quarter valued at about $216,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Flowserve by 453.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company's stock worth $8,402,000 after buying an additional 139,939 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on FLS shares. Royal Bank Of Canada increased 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. Mizuho set a $60.00 price target on Flowserve in a research note on Friday, May 16th. Stifel Nicolaus increased their price objective on 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 company a "buy" rating in a research report on Monday, July 14th. Finally, The Goldman Sachs Group raised their price target 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 investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $65.78.

Insider Transactions at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Flowserve Stock Performance

Shares of Flowserve stock opened at $53.66 on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. The company has a market cap of $7.02 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.11 and a beta of 1.29. The company has a 50 day moving average of $53.51 and a 200-day moving average of $50.20. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last announced 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. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. As a group, equities research analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio (DPR) is 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.

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