Davis Investment Partners LLC Acquires Shares of 11,923 Flowserve Corporation $FLS

Key Points

• Davis Investment Partners LLC acquired 11,923 shares of Flowserve Corporation, valued at approximately $624,000, during the second quarter.
• Brokerages have raised their price targets for Flowserve, with Citigroup increasing its target from $58.00 to $65.00 and several others also projecting growth.
• Flowserve recently declared a quarterly dividend of $0.21 per share, which translates to an annualized dividend yield of 1.5%.

Davis Investment Partners LLC purchased a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,923 shares of the industrial products company's stock, valued at approximately $624,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Delta Investment Management LLC boosted its position in shares of Flowserve by 3.2% during the first quarter. Delta Investment Management LLC now owns 7,657 shares of the industrial products company's stock worth $374,000 after purchasing an additional 237 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Flowserve by 0.9% during the first quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company's stock worth $1,378,000 after acquiring an additional 238 shares during the period. KBC Group NV raised its holdings in shares of 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 acquiring an additional 258 shares during the period. Xponance Inc. raised its holdings in shares of Flowserve by 1.8% during the first quarter. Xponance Inc. now owns 15,407 shares of the industrial products company's stock worth $752,000 after acquiring an additional 267 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Flowserve by 0.8% during the first quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 300 shares during the period. 93.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FLS. Citigroup raised their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Stifel Nicolaus raised their price objective on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Royal Bank Of Canada raised their price objective on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. The Goldman Sachs Group raised their price objective on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen cut Flowserve from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Flowserve currently has a consensus rating of "Buy" and an average target price of $65.78.

Flowserve Stock Down 0.6%

Shares of FLS opened at $56.30 on Monday. The firm's 50-day simple moving average is $54.02 and its 200 day simple moving average is $50.06. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. The firm has a market cap of $7.36 billion, a P/E ratio of 25.48, a price-to-earnings-growth ratio of 1.15 and a beta of 1.29. 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 announced its 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. On average, analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be issued 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 of this dividend is Friday, September 26th. Flowserve's dividend payout ratio is 38.01%.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the company's 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 completion of the sale, the insider owned 37,196 shares of the company's stock, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.