Cubist Systematic Strategies LLC Sells 35,393 Shares of Flowserve Corporation $FLS

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Flowserve Corporation by 37.5%, selling 35,393 shares and holding 59,026 shares valued at $2.88 million.
• Flowserve reported $0.91 earnings per share, surpassing expectations, though its revenue of $1.19 billion was below analyst estimates.
• The company has declared a quarterly dividend of $0.21 per share, with a yield of 1.5%, payable on October 10th.

Cubist Systematic Strategies LLC reduced its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 37.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,026 shares of the industrial products company's stock after selling 35,393 shares during the period. Cubist Systematic Strategies LLC's holdings in Flowserve were worth $2,883,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of FLS. Nuveen LLC bought a new position in Flowserve during the 1st quarter worth $111,598,000. Erste Asset Management GmbH boosted its position in Flowserve by 978.8% during the first quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company's stock valued at $49,025,000 after acquiring an additional 910,750 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Flowserve by 57.7% during the fourth quarter. Point72 Asset Management L.P. now owns 1,440,518 shares of the industrial products company's stock valued at $82,859,000 after acquiring an additional 527,250 shares during the last quarter. Moore Capital Management LP bought a new stake in Flowserve during the fourth quarter valued at $23,102,000. Finally, HITE Hedge Asset Management LLC bought a new stake in Flowserve during the first quarter valued at $15,004,000. 93.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLS. Stifel Nicolaus upped their price target on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wall Street Zen cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday. Mizuho set a $60.00 price target on shares of Flowserve in a research note on Friday, May 16th. Citigroup lifted 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. Finally, The Goldman Sachs Group increased their price objective 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 research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $65.78.

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction 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 sale, the insider directly owned 37,196 shares in the company, valued at $1,979,571.12. The trade was a 21.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

Flowserve Stock Up 0.7%

Shares of Flowserve stock traded up $0.37 during trading hours on Monday, reaching $55.57. The company's stock had a trading volume of 1,574,733 shares, compared to its average volume of 1,283,597. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. The company has a market capitalization of $7.27 billion, a P/E ratio of 25.15, a P/E/G ratio of 1.13 and a beta of 1.29. The stock's fifty day simple moving average is $53.86 and its two-hundred day simple moving average is $50.02. 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 (NYSE:FLS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. On average, research analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently announced 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. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, September 26th. Flowserve's payout ratio is presently 38.01%.

About Flowserve

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.