Millennium Management LLC Purchases 400,925 Shares of Flowserve Corporation $FLS

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 raised its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 32.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,630,226 shares of the industrial products company's stock after acquiring an additional 400,925 shares during the quarter. Millennium Management LLC owned about 1.25% of Flowserve worth $79,620,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FLS. Principal Financial Group Inc. boosted its position in shares of Flowserve by 0.4% during the first quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock worth $14,763,000 after purchasing an additional 1,103 shares in the last quarter. KBC Group NV boosted its position in shares of Flowserve by 4.8% during the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after purchasing an additional 258 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Flowserve by 26.6% during the first quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock worth $112,000 after purchasing an additional 481 shares in the last quarter. Johnson Investment Counsel Inc. bought a new position in shares of Flowserve during the first quarter worth $216,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Flowserve by 453.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company's stock worth $8,402,000 after purchasing an additional 139,939 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Flowserve 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 transaction of $532,200.00. Following the transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is currently owned by company insiders.

Flowserve Stock Performance

Shares of FLS stock traded up $0.99 during midday trading on Wednesday, hitting $56.21. 2,145,868 shares of the company were exchanged, compared to its average volume of 2,021,575. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The firm has a market capitalization of $7.35 billion, a P/E ratio of 25.43, a PEG ratio of 1.14 and a beta of 1.29. The firm's 50 day moving average price is $53.92 and its two-hundred day moving average price is $50.06. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly 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 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 the consensus estimate of $1.22 billion. As a group, equities research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently commented on FLS shares. Royal Bank Of Canada boosted their price objective 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. Citigroup increased 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. Stifel Nicolaus lifted their target price 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, Wall Street Zen lowered Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Flowserve has a consensus rating of "Buy" and an average price target of $65.78.

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.