Mandatum Life Insurance Co Ltd Makes New Investment in Flowserve Corporation $FLS

Key Points

• Mandatum Life Insurance Co Ltd has acquired a new stake in Flowserve Corporation, purchasing 50,000 shares valued at approximately $2.6 million during the second quarter.
• Analysts have raised their price targets for Flowserve, with Citigroup setting a new target of $65.00 and maintaining a "buy" rating, while the consensus price target stands at $65.78.
• Flowserve announced a quarterly dividend of $0.21 per share, payable on October 10th, reflecting an annualized yield of 1.5% and a payout ratio of 38.01%.

Mandatum Life Insurance Co Ltd purchased a new position in Flowserve Corporation (NYSE:FLS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 50,000 shares of the industrial products company's stock, valued at approximately $2,618,000.

Other institutional investors also recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in Flowserve in the fourth quarter worth approximately $33,000. Parallel Advisors LLC lifted its position in shares of Flowserve by 74.5% during the 2nd quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company's stock worth $42,000 after buying an additional 344 shares during the last quarter. Signaturefd LLC lifted its position in shares of Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after buying an additional 429 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of Flowserve by 47.2% during the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock worth $53,000 after buying an additional 349 shares during the last quarter. Finally, Strengthening Families & Communities LLC purchased a new stake in shares of Flowserve during the 1st quarter worth approximately $53,000. Hedge funds and other institutional investors own 93.93% of the company's stock.

Insider Buying and Selling

In related news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the sale, the insider directly owned 37,196 shares of the company's stock, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. The Goldman Sachs Group boosted their price objective on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Stifel Nicolaus boosted their price objective 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 upped their price target on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, Royal Bank Of Canada upped their price target on shares of Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. One 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. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $65.78.

Flowserve Price Performance

NYSE FLS traded up $0.85 during trading hours on Tuesday, reaching $57.65. The company's stock had a trading volume of 1,116,736 shares, compared to its average volume of 2,044,899. The stock has a market cap of $7.54 billion, a PE ratio of 26.07, a PEG ratio of 1.16 and a beta of 1.29. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The company's 50-day moving average is $54.41 and its two-hundred day moving average is $50.30. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. Analysts forecast that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

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

About Flowserve

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.