Cetera Investment Advisers Increases Position in Flowserve Corporation $FLS

Key Points

• Cetera Investment Advisers increased its stake in Flowserve Corporation by 57.2% during the first quarter, owning 15,854 shares valued at $774,000.
• Flowserve's stock price increased by 1.4%, with shares opening at $53.93 and a market cap of $7.05 billion.
• The company recently reported $0.91 earnings per share (EPS), surpassing analysts' expectations of $0.78, and announced a quarterly dividend of $0.21, yielding 1.6% annually.

Cetera Investment Advisers increased its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 57.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,854 shares of the industrial products company's stock after acquiring an additional 5,769 shares during the quarter. Cetera Investment Advisers' holdings in Flowserve were worth $774,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in shares of Flowserve by 5.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 242,383 shares of the industrial products company's stock worth $13,942,000 after buying an additional 12,644 shares during the last quarter. Advisory Services Network LLC boosted its position in shares of Flowserve by 23.4% during the fourth quarter. Advisory Services Network LLC now owns 5,792 shares of the industrial products company's stock valued at $333,000 after buying an additional 1,097 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Flowserve during the fourth quarter valued at approximately $14,546,000. Treasurer of the State of North Carolina raised its stake in Flowserve by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 57,739 shares of the industrial products company's stock worth $3,321,000 after buying an additional 360 shares in the last quarter. Finally, Sterling Capital Management LLC grew its holdings in Flowserve by 56.7% in the fourth quarter. Sterling Capital Management LLC now owns 7,846 shares of the industrial products company's stock worth $451,000 after purchasing an additional 2,839 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Trading Up 1.0%

Flowserve stock traded up $0.53 during trading hours on Monday, hitting $53.15. The stock had a trading volume of 261,535 shares, compared to its average volume of 2,073,665. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 24.05, a P/E/G ratio of 1.10 and a beta of 1.28. The business's 50 day simple moving average is $52.07 and its 200-day simple moving average is $50.91.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $1.22 billion. On average, equities analysts predict 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. Stockholders of record on Friday, September 26th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is presently 38.01%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FLS. Mizuho set a $60.00 price target on shares of Flowserve in a research note on Friday, May 16th. Robert W. Baird dropped their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. The Goldman Sachs Group lifted 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. Royal Bank Of Canada upped their price objective on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, 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 report on Thursday, July 31st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Flowserve currently has a consensus rating of "Buy" and an average price target of $65.78.

Insider Activity

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction that occurred on Tuesday, August 12th. The shares were 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. The trade was a 21.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.72% of the company's stock.

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.