Hsbc Holdings PLC Raises Position in Flowserve Corporation $FLS

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 holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 50.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 163,402 shares of the industrial products company's stock after acquiring an additional 54,771 shares during the period. Hsbc Holdings PLC owned approximately 0.12% of Flowserve worth $7,915,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. grew its stake in Flowserve by 0.9% during the 1st quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company's stock worth $1,378,000 after purchasing an additional 238 shares in the last quarter. KBC Group NV boosted its position in shares of Flowserve by 4.8% during the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after acquiring an additional 258 shares in the last quarter. Xponance Inc. boosted its position in shares of Flowserve by 1.8% during the 1st quarter. Xponance Inc. now owns 15,407 shares of the industrial products company's stock worth $752,000 after acquiring an additional 267 shares in the last quarter. Mariner LLC boosted its position in shares of Flowserve by 4.5% during the 4th quarter. Mariner LLC now owns 6,887 shares of the industrial products company's stock worth $396,000 after acquiring an additional 294 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in shares of Flowserve by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 300 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction of $532,200.00. Following the transaction, the insider owned 37,196 shares of the company's stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.76% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stifel Nicolaus increased their price target on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Robert W. Baird cut their price objective on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Mizuho set a $60.00 price objective on shares of Flowserve in a report on Friday, May 16th. Citigroup boosted their target price on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group boosted their target price on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. 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 stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $65.78.

Flowserve Stock Performance

NYSE FLS traded down $1.20 on Friday, hitting $53.52. 563,521 shares of the company's stock were exchanged, compared to its average volume of 2,032,385. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The firm's 50-day moving average price is $53.21 and its two-hundred day moving average price is $50.49. 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 cap of $7.00 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 1.13 and a beta of 1.28.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly 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 return on equity of 18.25% and a net margin of 6.28%.The business had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.22 billion. On average, research analysts expect that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

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