Great Lakes Advisors LLC Makes New $3.34 Million Investment in Flowserve Corporation $FLS

Key Points

• Great Lakes Advisors LLC purchased a new stake in Flowserve Corporation, acquiring 68,308 shares valued at approximately $3.34 million, reflecting a 0.05% ownership at the end of the reporting period.
• Wall Street analysts have a consensus rating of "Buy" for Flowserve, with an average target price of $65.78 following several recent adjustments by investment firms.
• Flowserve recently declared a quarterly dividend of $0.21 per share, expected to be paid on October 10th, representing an annualized yield of 1.5%.

Great Lakes Advisors LLC purchased a new stake in Flowserve Corporation (NYSE:FLS - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 68,308 shares of the industrial products company's stock, valued at approximately $3,336,000. Great Lakes Advisors LLC owned approximately 0.05% of Flowserve at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FLS. Park Square Financial Group LLC acquired a new position in shares of Flowserve during the fourth quarter worth about $33,000. Signaturefd LLC boosted its holdings in Flowserve by 71.5% in the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after acquiring an additional 429 shares during the period. Brooklyn Investment Group grew its position in Flowserve by 47.2% in the first quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 349 shares in the last quarter. Strengthening Families & Communities LLC purchased a new stake in shares of Flowserve during the first quarter valued at approximately $53,000. Finally, Sunbelt Securities Inc. lifted its position in shares of Flowserve by 1,577.1% during the fourth quarter. Sunbelt Securities Inc. now owns 1,392 shares of the industrial products company's stock worth $80,000 after purchasing an additional 1,309 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Performance

Shares of NYSE:FLS traded down $0.36 on Friday, reaching $56.30. 1,480,516 shares of the company's stock were exchanged, compared to its average volume of 1,479,548. The business's 50-day moving average is $54.02 and its two-hundred day moving average is $50.09. 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 fifty-two week low of $37.34 and a fifty-two week high of $65.08. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.16 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share 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 analyst estimates of $1.22 billion. As a group, equities research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. Flowserve's payout ratio is currently 38.01%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FLS shares. The Goldman Sachs Group raised their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Wall Street Zen downgraded Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. Stifel Nicolaus boosted their price target on Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $60.00 price target on Flowserve in a report on Friday, May 16th. 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 research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $65.78.

Insider Buying and Selling

In other news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction on 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 approximately $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by insiders.

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.