Flowserve Corporation $FLS Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Flowserve Corporation by 1.9% during Q1, holding approximately $58.09 million worth of shares.
• Flowserve recently announced a quarterly dividend of $0.21 per share, expected to be paid on October 10th, reflecting a 1.6% dividend yield.
• Flowserve's stock has received several upgrades, with analysts setting a consensus target price of $65.78, indicating positive growth expectations.

Gabelli Funds LLC cut its holdings in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,189,438 shares of the industrial products company's stock after selling 22,829 shares during the period. Gabelli Funds LLC owned approximately 0.91% of Flowserve worth $58,092,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Park Square Financial Group LLC acquired a new stake in shares of Flowserve during the 4th quarter valued at about $33,000. Colonial Trust Co SC grew its position in shares of Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock valued at $34,000 after acquiring an additional 478 shares during the period. Signaturefd LLC grew its position in shares of Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 429 shares during the period. True Wealth Design LLC grew its position in shares of Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 394 shares during the period. Finally, Strengthening Families & Communities LLC acquired a new stake in shares of Flowserve during the 1st quarter valued at about $53,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the firm's 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 transaction, the insider directly owned 37,196 shares of the company's stock, valued at $1,979,571.12. This trade represents a 21.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.76% of the stock is owned by company insiders.

Analyst Ratings Changes

FLS has been the topic of a number of analyst reports. Mizuho set a $60.00 target price on Flowserve in a research report on Friday, May 16th. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Stifel Nicolaus lifted their price objective on Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Citigroup lifted their price objective on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Royal Bank Of Canada lifted 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. One investment 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's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $65.78.

Flowserve Price Performance

FLS traded down $1.06 during trading on Friday, reaching $53.66. The company's stock had a trading volume of 1,240,351 shares, compared to its average volume of 1,482,098. 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 simple moving average of $53.36 and a two-hundred day simple moving average of $50.34. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.11 and a beta of 1.28.

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 for the quarter, topping 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 business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. As a group, analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is 38.01%.

Flowserve Company Profile

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.