HITE Hedge Asset Management LLC Invests $15 Million in Flowserve Corporation $FLS

Key Points

• HITE Hedge Asset Management LLC has invested approximately $15 million in Flowserve Corporation, acquiring 307,213 shares during the first quarter.
• Flowserve recently announced a quarterly dividend of $0.21 per share, resulting in an annual yield of 1.6%.
• A number of analysts have increased their price targets for Flowserve, with Citigroup raising its target from $58.00 to $65.00 and maintaining a "buy" rating.

HITE Hedge Asset Management LLC purchased a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 307,213 shares of the industrial products company's stock, valued at approximately $15,004,000. HITE Hedge Asset Management LLC owned about 0.23% of Flowserve at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Pinnacle Wealth Management LLC acquired a new stake in shares of Flowserve in the first quarter valued at about $674,000. Wellington Management Group LLP raised its holdings in Flowserve by 5.4% during the 1st quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company's stock worth $237,185,000 after purchasing an additional 248,273 shares during the last quarter. Brooklyn Investment Group boosted its stake in shares of Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 349 shares during the last quarter. FCG Investment Co acquired a new stake in shares of Flowserve during the first quarter worth $1,581,000. Finally, Algert Global LLC raised its stake in Flowserve by 15.7% during the first quarter. Algert Global LLC now owns 209,663 shares of the industrial products company's stock worth $10,240,000 after buying an additional 28,400 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Insider Transactions at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction dated 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 in the company, valued at $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.72% of the company's stock.

Flowserve Trading Down 0.6%

Shares of FLS stock opened at $52.70 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of 23.85, a PEG ratio of 1.10 and a beta of 1.28. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The company has a 50-day simple moving average of $52.07 and a two-hundred day simple moving average of $50.91.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating 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 company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.22 billion. Research analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors 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 is Friday, September 26th. Flowserve's payout ratio is currently 38.01%.

Analyst Ratings Changes

A number of analysts have weighed in on FLS shares. Citigroup increased their price target on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Royal Bank Of Canada raised their target price on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group increased their price target on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research report on Friday, May 16th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus 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.

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