Kodai Capital Management LP Makes New $12.45 Million Investment in Flowserve Corporation $FLS

Key Points

• Kodai Capital Management LP acquired a new stake in Flowserve Corporation, purchasing 254,946 shares valued at approximately $12.45 million.
• Flowserve recently announced a quarterly dividend of $0.21 per share, translating to an annualized yield of 1.5% and a payout ratio of 38.01%.
• Multiple analysts have revised their target price for Flowserve, with estimates ranging from $60.00 to $66.00, indicating a generally positive outlook for the stock.

Kodai Capital Management LP acquired a new stake in Flowserve Corporation (NYSE:FLS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 254,946 shares of the industrial products company's stock, valued at approximately $12,452,000. Kodai Capital Management LP owned 0.20% of Flowserve as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Flowserve during the first quarter valued at $111,598,000. Driehaus Capital Management LLC lifted its holdings in shares of Flowserve by 307.1% during 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 during the last quarter. Erste Asset Management GmbH lifted its holdings in shares of Flowserve by 978.8% during 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 during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Flowserve by 57.7% during 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 during the last quarter. Finally, Moore Capital Management LP purchased a new stake in shares of Flowserve during the fourth quarter valued at $23,102,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Flowserve Stock Performance

Shares of FLS stock traded down $0.28 during mid-day trading on Wednesday, reaching $53.24. The stock had a trading volume of 471,961 shares, compared to its average volume of 2,024,851. The firm's 50 day simple moving average is $53.62 and its 200 day simple moving average is $50.22. 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 one year low of $37.34 and a one year high of $65.08. The firm has a market cap of $6.96 billion, a PE ratio of 24.10, a P/E/G ratio of 1.10 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, topping 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 business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. On average, analysts forecast that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

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 paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is 38.01%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FLS. Royal Bank Of Canada upped their target price on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus upped their price target on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Mizuho set a $60.00 price target on Flowserve in a research report on Friday, May 16th. Finally, Citigroup upped their target price on Flowserve from $58.00 to $65.00 and gave the stock 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 assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of "Buy" and an average price target of $65.78.

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the firm's 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 transaction, the insider directly owned 37,196 shares in the company, valued at $1,979,571.12. This trade represents a 21.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.72% of the company's stock.

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.