Ionic Capital Management LLC Buys New Stake 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 purchased a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,000 shares of the industrial products company's stock, valued at approximately $781,000.

Other institutional investors also recently made changes to their positions in the company. Park Square Financial Group LLC bought a new position in Flowserve in the fourth quarter valued at approximately $33,000. Colonial Trust Co SC increased its position in shares of Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after buying an additional 478 shares during the period. Signaturefd LLC boosted its position in Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 429 shares during the last quarter. Strengthening Families & Communities LLC bought a new stake in Flowserve during the first quarter valued at $53,000. Finally, Brooklyn Investment Group grew its stake in shares of Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after buying an additional 349 shares during the period. Institutional investors own 93.93% of the company's stock.

Analyst Ratings Changes

FLS has been the subject of several recent research reports. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup lifted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Royal Bank Of Canada lifted their target price on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen lowered shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. Finally, The Goldman Sachs Group raised their price objective on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $65.78.

Flowserve Trading Up 2.5%

FLS stock traded up $1.37 during trading on Wednesday, reaching $56.59. The company had a trading volume of 716,750 shares, compared to its average volume of 2,012,930. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. The company has a market cap of $7.40 billion, a P/E ratio of 25.63, a PEG ratio of 1.14 and a beta of 1.29. The business has a 50 day moving average of $53.92 and a 200 day moving average of $50.06. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50.

Flowserve (NYSE:FLS - Get Free Report) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Flowserve's dividend payout ratio is 38.01%.

Insider Activity

In other news, insider Kirk Wilson sold 10,000 shares of Flowserve 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 $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by insiders.

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.