Mackenzie Financial Corp Acquires 66,303 Shares of Flowserve Corporation (NYSE:FLS)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Flowserve Corporation by 585.9%, acquiring a total of 77,620 shares valued at approximately $3.79 million.
• Flowserve's stock has been upgraded to a "strong-buy" rating by Wall Street Zen, while analysts have varying price targets, with a consensus target price of $65.78.
• The company announced a quarterly dividend of $0.21 per share, reflecting a 1.6% dividend yield and a payout ratio of 38.01% as of the last report.

Mackenzie Financial Corp grew its position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 585.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,620 shares of the industrial products company's stock after purchasing an additional 66,303 shares during the period. Mackenzie Financial Corp owned approximately 0.06% of Flowserve worth $3,791,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of Flowserve by 0.4% during the first 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 last quarter. KBC Group NV grew its stake in shares of Flowserve by 4.8% in the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after buying an additional 258 shares in the last quarter. GAMMA Investing LLC boosted its position 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. purchased a new position in shares of Flowserve during the first quarter worth approximately $216,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of 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 purchasing an additional 139,939 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Trading Down 1.2%

Shares of NYSE FLS traded down $0.63 during trading hours on Wednesday, reaching $53.58. The stock had a trading volume of 575,131 shares, compared to its average volume of 2,108,691. The business's fifty day moving average price is $51.49 and its two-hundred day moving average price is $51.55. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 1.12 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.22 billion. Analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, June 27th. Flowserve's payout ratio is presently 38.01%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FLS shares. Robert W. Baird lowered their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus lifted 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. The Goldman Sachs Group upped their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Mizuho set a $60.00 target price on shares of Flowserve in a research note on Friday, May 16th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Flowserve has an average rating of "Buy" and an average target price 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.