Charles Schwab Investment Management Inc. Sells 55,599 Shares of Flowserve Corporation $FLS

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in Flowserve Corporation by 3.2% in the first quarter, now owning approximately 1.29% of the company, valued at $82.4 million.
• Numerous hedge funds have changed their positions in Flowserve, with Allspring Global Investments increasing its stake significantly by 453.3%.
• Flowserve's stock has received positive ratings from several analysts, with a consensus price target of $65.78 and multiple upgrades in recent reports.

Charles Schwab Investment Management Inc. decreased its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,686,979 shares of the industrial products company's stock after selling 55,599 shares during the period. Charles Schwab Investment Management Inc. owned about 1.29% of Flowserve worth $82,392,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Park Square Financial Group LLC bought a new stake in Flowserve during the fourth quarter worth approximately $33,000. Colonial Trust Co SC boosted its stake in Flowserve by 415.7% in the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after purchasing an additional 478 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of Flowserve by 80.1% during the fourth 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. Signaturefd LLC lifted its holdings in Flowserve by 71.5% in 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. Finally, Sunbelt Securities Inc. raised its stake in shares of Flowserve by 1,577.1% during the 4th quarter. Sunbelt Securities Inc. now owns 1,392 shares of the industrial products company's stock worth $80,000 after buying an additional 1,309 shares during the period. Institutional investors own 93.93% of the company's stock.

Insider Activity

In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction of $532,200.00. Following the transaction, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.

Flowserve Stock Up 1.0%

Shares of FLS stock traded up $0.53 during trading on Monday, hitting $53.15. 261,535 shares of the company were exchanged, compared to its average volume of 2,073,665. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 24.05, a P/E/G ratio of 1.10 and a beta of 1.28. The business's 50-day simple moving average is $52.07 and its 200 day simple moving average is $50.91. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. Flowserve Corporation has a twelve month low of $37.34 and a twelve month high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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, analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. Flowserve's dividend payout ratio is currently 38.01%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Stifel Nicolaus raised 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. The Goldman Sachs Group increased their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Royal Bank Of Canada raised their price objective on shares of Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Citigroup boosted their price target on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report 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 stock. Based on data from MarketBeat, Flowserve currently has an average rating of "Buy" and a consensus price target 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.