Flowserve Corporation $FLS Shares Purchased by Millennium Management LLC

Key Points

• Millennium Management LLC increased its holdings in Flowserve Corporation by 32.6%, owning 1,630,226 shares valued at approximately $79.6 million after purchasing an additional 400,925 shares.
• Flowserve recently declared a quarterly dividend of $0.21 per share, representing a 1.5% dividend yield, with the payment scheduled for October 10th.
• The company reported earnings per share of $0.91 for the last quarter, exceeding estimates, with a market capitalization of $7.21 billion and a price-to-earnings ratio of 24.96.

Millennium Management LLC grew its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 32.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,630,226 shares of the industrial products company's stock after acquiring an additional 400,925 shares during the period. Millennium Management LLC owned about 1.25% of Flowserve worth $79,620,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Park Square Financial Group LLC bought a new stake in shares of Flowserve during the fourth quarter valued at approximately $33,000. Colonial Trust Co SC raised its stake in Flowserve by 415.7% in 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 in the last quarter. Signaturefd LLC raised its stake in Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after buying an additional 429 shares in the last quarter. Brooklyn Investment Group raised its stake in Flowserve by 47.2% in the first 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 in the last quarter. Finally, Strengthening Families & Communities LLC bought a new position in Flowserve in the first quarter worth approximately $53,000. Institutional investors own 93.93% of the company's stock.

Flowserve Stock Down 0.4%

NYSE FLS traded down $0.23 on Friday, hitting $56.43. The stock had a trading volume of 476,686 shares, compared to its average volume of 2,024,459. The business's fifty day moving average price is $54.00 and its 200 day moving average price is $50.11. 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 Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 25.53, a price-to-earnings-growth ratio of 1.15 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly 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. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. Equities research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

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

Insider Activity

In related news, insider Kirk Wilson sold 10,000 shares of the company'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 of the company's stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.76% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FLS. Royal Bank Of Canada boosted their price objective 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. Citigroup boosted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Wall Street Zen downgraded shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. 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 note on Thursday, July 31st. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research note on Friday, May 16th. One 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 company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $65.78.

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.