Entropy Technologies LP Cuts Stake in Flowserve Corporation (NYSE:FLS)

Key Points

• Entropy Technologies LP reduced its stake in Flowserve Corporation by 24.4% during the first quarter, now holding 23,793 shares worth approximately $1.16 million.
• Despite Entropy's sale, other institutional investors, like National Bank of Canada FI and Blair William & Co., increased their holdings significantly, reflecting a general bullish sentiment towards Flowserve.
• Flowserve recently reported earnings of $0.91 per share for the last quarter, outperforming estimates and indicating a strong net margin of 6.28%.

Entropy Technologies LP lowered its position in Flowserve Corporation (NYSE:FLS - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,793 shares of the industrial products company's stock after selling 7,671 shares during the quarter. Entropy Technologies LP's holdings in Flowserve were worth $1,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. National Bank of Canada FI lifted its position in Flowserve by 93.7% in the first quarter. National Bank of Canada FI now owns 13,047 shares of the industrial products company's stock valued at $638,000 after purchasing an additional 6,310 shares during the last quarter. Headlands Technologies LLC lifted its position in Flowserve by 553.0% in the first quarter. Headlands Technologies LLC now owns 3,193 shares of the industrial products company's stock valued at $156,000 after purchasing an additional 2,704 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in Flowserve by 96.2% in the first quarter. Atria Wealth Solutions Inc. now owns 11,429 shares of the industrial products company's stock valued at $558,000 after purchasing an additional 5,604 shares during the last quarter. Blair William & Co. IL lifted its position in Flowserve by 130.6% in the first quarter. Blair William & Co. IL now owns 13,509 shares of the industrial products company's stock valued at $660,000 after purchasing an additional 7,650 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Flowserve by 14.4% in the first quarter. PNC Financial Services Group Inc. now owns 12,675 shares of the industrial products company's stock valued at $619,000 after purchasing an additional 1,598 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Price Performance

Shares of NYSE:FLS opened at $52.16 on Tuesday. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The business has a fifty day moving average price of $51.69 and a 200-day moving average price of $51.14. The company has a market capitalization of $6.82 billion, a PE ratio of 23.60, a PEG ratio of 1.09 and a beta of 1.28.

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, 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 during the quarter, compared to the consensus estimate of $1.22 billion. As a group, equities analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. Flowserve's dividend payout ratio (DPR) is presently 38.01%.

Insider Buying and Selling at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $52.58, for a total transaction of $525,800.00. Following the sale, the insider directly owned 47,196 shares of the company's stock, valued at $2,481,565.68. This trade represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FLS has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their target price on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 31st. The Goldman Sachs Group upped their target price on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped their target price on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Robert W. Baird decreased their target price on Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price 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.

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