Flowserve Corporation (NYSE:FLS) Shares Bought by Mackenzie Financial Corp

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 raised its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 585.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,620 shares of the industrial products company's stock after acquiring an additional 66,303 shares during the quarter. Mackenzie Financial Corp owned approximately 0.06% of Flowserve worth $3,791,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Headlands Technologies LLC grew its position in shares of Flowserve by 4,790.0% in the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 479 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of Flowserve in the fourth quarter worth about $33,000. Colonial Trust Co SC boosted its position in shares of Flowserve by 415.7% in the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after buying an additional 478 shares during the period. True Wealth Design LLC boosted its holdings in Flowserve by 80.1% in the fourth quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 394 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after buying an additional 429 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FLS has been the topic of a number of research reports. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Robert W. Baird decreased their price target on Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. The Goldman Sachs Group raised their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Stifel Nicolaus lifted their price objective on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Citigroup lifted their price objective on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $65.78.

Flowserve Stock Down 3.9%

Shares of FLS opened at $53.86 on Friday. The company has a market capitalization of $7.04 billion, a P/E ratio of 24.37, a PEG ratio of 1.13 and a beta of 1.28. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.46. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. The business's 50 day simple moving average is $51.34 and its 200-day simple moving average is $51.68.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.22 billion. As a group, sell-side analysts predict that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given 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 payout ratio is presently 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.

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