Ionic Capital Management LLC Makes New $781,000 Investment in Flowserve Corporation $FLS

Key Points

• Ionic Capital Management LLC has acquired 16,000 shares of Flowserve Corporation, valued at approximately $781,000, highlighting increasing institutional interest in the company.
• Flowserve recently reported quarterly earnings, achieving an EPS of $0.91, which exceeded analysts' expectations of $0.78.
• The company announced a quarterly dividend of $0.21 per share, set to be paid on October 10th, with a dividend yield of 1.5% and a payout ratio of 38.01%.

Ionic Capital Management LLC acquired a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,000 shares of the industrial products company's stock, valued at approximately $781,000.

Several other institutional investors and hedge funds have also modified their holdings of FLS. Park Square Financial Group LLC acquired a new position in Flowserve in the 4th quarter worth about $33,000. Colonial Trust Co SC increased its holdings in Flowserve by 415.7% in the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after purchasing an additional 478 shares in the last quarter. Signaturefd LLC increased its holdings in Flowserve by 71.5% in the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after purchasing an additional 429 shares in the last quarter. Strengthening Families & Communities LLC acquired a new position in Flowserve in the 1st quarter worth about $53,000. Finally, Brooklyn Investment Group increased its holdings in Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock worth $53,000 after purchasing an additional 349 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on FLS. Royal Bank Of Canada upped their target price on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. The Goldman Sachs Group upped their target price on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Citigroup increased 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. Stifel Nicolaus increased 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. Finally, Wall Street Zen cut Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $65.78.

Flowserve Trading Up 1.1%

Shares of Flowserve stock traded up $0.61 on Friday, hitting $55.16. 2,304,489 shares of the company's stock traded hands, compared to its average volume of 1,283,597. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. 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 company has a fifty day moving average of $53.80 and a two-hundred day moving average of $50.02. The company 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 announced its 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. Flowserve had a return on equity of 18.25% and a net margin of 6.28%.The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. As a group, sell-side analysts expect that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

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

Insider Transactions at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This 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 is accessible through this hyperlink. Insiders own 0.72% of the company's stock.

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.