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 lessened its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 37.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new position in shares of Flowserve in the fourth quarter valued at $33,000. Colonial Trust Co SC lifted its stake 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 worth $34,000 after buying an additional 478 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after buying an additional 429 shares during the period. Brooklyn Investment Group boosted its holdings in shares of Flowserve by 47.2% during the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock worth $53,000 after buying an additional 349 shares during the period. Finally, Strengthening Families & Communities LLC acquired a new position in Flowserve in the 1st quarter valued at about $53,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Wall Street Analyst Weigh In

FLS has been the subject of several research reports. Citigroup raised their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Mizuho set a $60.00 price target on Flowserve in a report on Friday, May 16th. The Goldman Sachs Group boosted their price target on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada increased their price objective on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen downgraded Flowserve from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $65.78.

Flowserve Price Performance

Shares of FLS stock traded up $0.48 during trading hours on Thursday, reaching $56.70. The company's stock had a trading volume of 4,096,628 shares, compared to its average volume of 1,340,024. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The firm's 50 day simple moving average is $54.00 and its 200-day simple moving average is $50.11. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 1.15 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, topping 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 return on equity of 18.25% and a net margin of 6.28%. Sell-side analysts forecast 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 will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Flowserve's dividend payout ratio is 38.01%.

Insider Buying and Selling at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 of the company's stock, valued at approximately $1,979,571.12. The trade was a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.76% of the company's stock.

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.