Driehaus Capital Management LLC Decreases Holdings in Flowserve Corporation $FLS

Key Points

• Driehaus Capital Management LLC has reduced its holdings in Flowserve Corporation by 6.6%, now owning approximately 1.76 million shares which constitute 0.8% of its portfolio.
• Flowserve recently announced a quarterly dividend of $0.21 per share, scheduled for payment on October 10th, reflecting a 1.5% dividend yield.
• The company's stock has a current market cap of $7.16 billion, with analysts maintaining a consensus rating of "Buy" and a price target of around $65.78.

Driehaus Capital Management LLC trimmed its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,764,929 shares of the industrial products company's stock after selling 123,988 shares during the quarter. Flowserve comprises approximately 0.8% of Driehaus Capital Management LLC's portfolio, making the stock its 22nd biggest position. Driehaus Capital Management LLC owned approximately 1.35% of Flowserve worth $86,199,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FLS. Mariner LLC boosted its holdings in Flowserve by 4.5% in the fourth quarter. Mariner LLC now owns 6,887 shares of the industrial products company's stock valued at $396,000 after purchasing an additional 294 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Flowserve during the fourth quarter worth approximately $212,000. Price T Rowe Associates Inc. MD grew its position in shares of Flowserve by 7.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 90,714 shares of the industrial products company's stock worth $5,219,000 after acquiring an additional 6,241 shares during the last quarter. Quarry LP grew its position in shares of Flowserve by 387.1% during the fourth quarter. Quarry LP now owns 1,515 shares of the industrial products company's stock worth $87,000 after acquiring an additional 1,204 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Flowserve by 24.2% during the fourth quarter. Northern Trust Corp now owns 1,125,737 shares of the industrial products company's stock worth $64,752,000 after acquiring an additional 219,561 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value 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 trade represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company's stock.

Flowserve Stock Performance

Shares of NYSE FLS traded down $0.18 during mid-day trading on Wednesday, hitting $53.34. 440,070 shares of the company were exchanged, compared to its average volume of 2,024,572. 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 stock has a 50 day simple moving average of $53.62 and a 200-day simple moving average of $50.22. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 1.10 and a beta of 1.29.

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 for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.22 billion. On average, sell-side analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders 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 yield of 1.6%. Flowserve's dividend payout ratio (DPR) is 38.01%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FLS shares. Royal Bank Of Canada raised their target price on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Stifel Nicolaus raised their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup raised their target price 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. Finally, The Goldman Sachs Group raised their target price 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 analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $65.78.

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.