Interval Partners LP Trims Holdings in Flowserve Corporation $FLS

Key Points

• Interval Partners LP has significantly decreased its stake in Flowserve Corporation by 53.5%, now holding 659,162 shares worth approximately $32 million.
• In the first quarter, several hedge funds adjusted their positions in Flowserve, with Royal Bank of Canada increasing its stake by 135.6%.
• Flowserve announced a quarterly dividend of $0.21 per share, representing an annual yield of 1.5% and a payout ratio of 38.01%.

Interval Partners LP lessened its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 53.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 659,162 shares of the industrial products company's stock after selling 758,907 shares during the quarter. Interval Partners LP owned approximately 0.50% of Flowserve worth $32,193,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FLS. Nuveen LLC bought a new position in shares of Flowserve in the first quarter valued at approximately $111,598,000. Driehaus Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 1,424,948 shares in the last quarter. Erste Asset Management GmbH lifted its holdings in shares of Flowserve by 978.8% in the first quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company's stock valued at $49,025,000 after purchasing an additional 910,750 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of 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 purchasing an additional 527,250 shares in the last quarter. Finally, Moore Capital Management LP bought a new position in shares of Flowserve in the fourth quarter valued at approximately $23,102,000. Institutional investors own 93.93% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FLS. Mizuho set a $60.00 price target on Flowserve in a research report on Friday, May 16th. The Goldman Sachs Group increased their price target on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen downgraded Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. Royal Bank Of Canada increased their price target on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, Citigroup increased their price target on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 14th. One equities research 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 stock. Based on data from MarketBeat, Flowserve presently has an average rating of "Buy" and a consensus target price of $65.78.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value of $532,200.00. Following the completion of the transaction, the insider directly owned 37,196 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company's stock.

Flowserve Stock Performance

NYSE:FLS traded up $1.37 during trading hours on Wednesday, reaching $56.59. The stock had a trading volume of 716,750 shares, compared to its average volume of 2,012,930. 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 stock has a 50 day simple moving average of $53.92 and a 200 day simple moving average of $50.06. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $65.08. The stock has a market cap of $7.40 billion, a P/E ratio of 25.63, a price-to-earnings-growth ratio of 1.14 and a beta of 1.29.

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 (EPS) 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 during the quarter, compared to the consensus estimate of $1.22 billion. On average, research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

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

Flowserve 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.