Flowserve Corporation $FLS Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has increased its holdings in Flowserve Corporation by 50.4%, owning 163,402 shares valued at approximately $7.9 million after acquiring an additional 54,771 shares.
• Flowserve recently declared a quarterly dividend of $0.21 per share, representing a 1.6% dividend yield, with the ex-dividend date set for September 26th.
• Equities analysts maintain a positive outlook on Flowserve, with a consensus "Buy" rating and a target price of $65.78, reflecting expectations of continued growth.

Hsbc Holdings PLC increased its position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 50.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,402 shares of the industrial products company's stock after purchasing an additional 54,771 shares during the period. Hsbc Holdings PLC owned approximately 0.12% of Flowserve worth $7,915,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FLS. Nuveen LLC purchased a new position in Flowserve during the first quarter worth about $111,598,000. Driehaus Capital Management LLC increased its holdings in Flowserve by 307.1% in the fourth quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock valued at $108,651,000 after buying an additional 1,424,948 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Flowserve by 57.7% in the fourth quarter. Point72 Asset Management L.P. now owns 1,440,518 shares of the industrial products company's stock valued at $82,859,000 after buying an additional 527,250 shares in the last quarter. Moore Capital Management LP purchased a new position in Flowserve in the fourth quarter valued at about $23,102,000. Finally, HITE Hedge Asset Management LLC purchased a new position in Flowserve in the first quarter valued at about $15,004,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flowserve

In related 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 transaction of $532,200.00. Following the sale, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FLS shares. Royal Bank Of Canada increased their target price on shares of Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Stifel Nicolaus increased their target price on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 31st. The Goldman Sachs Group increased their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Finally, Citigroup increased their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $65.78.

Flowserve Price Performance

Shares of FLS stock traded down $1.06 during trading hours on Friday, hitting $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 business has a fifty day moving average of $53.36 and a 200-day moving average of $50.34. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.11 and a beta of 1.28. Flowserve Corporation has a twelve month low of $37.34 and a twelve month high of $65.08. 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 (NYSE:FLS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. As a group, equities research analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The company also recently announced 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 1.6%. 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.