Royal Bank of Canada Grows Holdings in Flowserve Corporation $FLS

Key Points

• Royal Bank of Canada increased its stake in Flowserve Corporation by 135.6% during the first quarter, owning 349,917 shares valued at approximately $17 million.
• Flowserve Corporation reported $0.91 earnings per share (EPS) for the most recent quarter, exceeding analysts' expectations of $0.78.
• The company announced a quarterly dividend of $0.21 per share, with a dividend yield of 1.5%, set to be paid on October 10th.

Royal Bank of Canada raised its position in Flowserve Corporation (NYSE:FLS - Free Report) by 135.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 349,917 shares of the industrial products company's stock after buying an additional 201,420 shares during the quarter. Royal Bank of Canada owned about 0.27% of Flowserve worth $17,089,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Flowserve by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock valued at $14,763,000 after buying an additional 1,103 shares during the period. KBC Group NV increased its stake in Flowserve by 4.8% in the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock valued at $277,000 after buying an additional 258 shares during the period. GAMMA Investing LLC increased its stake in Flowserve by 26.6% in the 1st quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock valued at $112,000 after buying an additional 481 shares during the period. Johnson Investment Counsel Inc. acquired a new position in Flowserve in the 1st quarter valued at $216,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Flowserve by 453.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company's stock valued at $8,402,000 after buying an additional 139,939 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the company's stock in a transaction dated 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 transaction, the insider owned 37,196 shares of the company's stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.72% of the stock is currently owned by corporate insiders.

Flowserve Price Performance

Shares of Flowserve stock traded up $0.30 on Monday, hitting $56.56. The company's stock had a trading volume of 2,856,478 shares, compared to its average volume of 1,501,919. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. 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 firm has a fifty day moving average price of $54.10 and a 200-day moving average price of $50.07. The company has a market capitalization of $7.40 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 1.15 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last released its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. On average, equities research analysts expect that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid a dividend of $0.21 per share. 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 currently 38.01%.

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.