Flowserve Corporation $FLS Shares Bought by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC increased its stake in Flowserve Corporation by 35.3%, now holding 63,035 shares valued at $3.3 million as of its latest SEC filing.
• Wall Street analysts have a consensus rating of Buy for Flowserve, with an average price target of $65.78, reflecting positive forecasts for the company.
• Flowserve has recently announced a quarterly dividend of $0.21, representing an annualized yield of 1.5%, which will be paid on October 10th.

Exchange Traded Concepts LLC increased its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 35.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,035 shares of the industrial products company's stock after buying an additional 16,456 shares during the period. Exchange Traded Concepts LLC's holdings in Flowserve were worth $3,300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FLS. Park Square Financial Group LLC bought a new position in shares of Flowserve in the 4th quarter worth $33,000. Parallel Advisors LLC grew its stake in Flowserve by 74.5% in the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 344 shares during the last quarter. Signaturefd LLC raised its holdings in Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after purchasing an additional 429 shares in the last quarter. Strengthening Families & Communities LLC purchased a new stake in shares of Flowserve during the first quarter valued at about $53,000. Finally, Brooklyn Investment Group boosted its holdings in shares of Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after buying an additional 349 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Stock Performance

NYSE FLS traded up $0.13 during trading hours on Monday, reaching $56.81. The stock had a trading volume of 1,531,191 shares, compared to its average volume of 2,051,009. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The stock has a fifty day moving average of $54.34 and a 200 day moving average of $50.24. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The stock has a market cap of $7.43 billion, a P/E ratio of 25.71, a price-to-earnings-growth ratio of 1.16 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 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. Sell-side analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be paid a dividend of $0.21 per share. The ex-dividend date 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 (DPR) is presently 38.01%.

Insider Activity

In other news, insider Kirk Wilson sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value of $532,200.00. Following the sale, the insider owned 37,196 shares in the company, valued at $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FLS shares. Citigroup increased their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Wall Street Zen downgraded Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. Royal Bank Of Canada raised 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. Stifel Nicolaus upped their target price on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group raised their price target on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. 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 stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $65.78.

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.