Interval Partners LP Has $32.19 Million 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 position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 53.5% during the 1st quarter, according to its most recent filing with the Securities and 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of FLS. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Flowserve during the 4th quarter worth approximately $466,000. Ameriprise Financial Inc. boosted its stake in Flowserve by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 244,310 shares of the industrial products company's stock valued at $14,055,000 after buying an additional 621 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Flowserve by 136.8% in the 4th quarter. BNP Paribas Financial Markets now owns 248,327 shares of the industrial products company's stock valued at $14,284,000 after buying an additional 143,443 shares in the last quarter. Captrust Financial Advisors boosted its stake in Flowserve by 31.8% in the 4th quarter. Captrust Financial Advisors now owns 23,387 shares of the industrial products company's stock valued at $1,345,000 after buying an additional 5,644 shares in the last quarter. Finally, Brevan Howard Capital Management LP boosted its stake in Flowserve by 7.4% in the 4th quarter. Brevan Howard Capital Management LP now owns 20,170 shares of the industrial products company's stock valued at $1,160,000 after buying an additional 1,382 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Analyst Upgrades and Downgrades

FLS has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price target on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Citigroup boosted their price target on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Mizuho set a $60.00 price target on Flowserve in a research note on Friday, May 16th. Wall Street Zen lowered Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday. Finally, Royal Bank Of Canada lifted their price objective on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Flowserve has an average rating of "Buy" and an average price target of $65.78.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the business's 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 completion of the sale, the insider owned 37,196 shares in the company, valued at $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.72% of the stock is currently owned by insiders.

Flowserve Price Performance

FLS traded up $0.61 during trading on Friday, hitting $55.16. The company's stock had a trading volume of 2,304,489 shares, compared to its average volume of 1,283,597. The firm's 50 day moving average price is $53.80 and its two-hundred day moving average price is $50.02. 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 12 month low of $37.34 and a 12 month high of $65.08. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 24.96, a price-to-earnings-growth ratio of 1.13 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 for the quarter, topping analysts' consensus estimates of $0.78 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. Sell-side analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 1.5%. Flowserve's payout ratio is presently 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.