National Bank of Canada FI Purchases 6,310 Shares of Flowserve Corporation $FLS

Key Points

• National Bank of Canada FI increased its stake in Flowserve Corporation by 93.7% during the 1st quarter, totaling a value of $638,000 after acquiring an additional 6,310 shares.
• Several hedge funds also boosted their holdings in Flowserve, with notable increases from AQR Capital Management (up 9.7%) and Driehaus Capital Management (up 307.1%) in the previous quarter.
• Flowserve plans to pay a quarterly dividend of $0.21 per share on October 10th, representing a 1.6% yield based on its current share price.

National Bank of Canada FI grew its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 93.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,047 shares of the industrial products company's stock after purchasing an additional 6,310 shares during the period. National Bank of Canada FI's holdings in Flowserve were worth $638,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Park Square Financial Group LLC purchased a new position in Flowserve during the 4th quarter valued at about $33,000. Colonial Trust Co SC lifted its position in Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock valued at $34,000 after acquiring an additional 478 shares during the period. True Wealth Design LLC lifted its position in Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 394 shares during the period. Signaturefd LLC lifted its position in Flowserve by 71.5% during the 1st 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 period. Finally, Sunbelt Securities Inc. lifted its position in Flowserve by 1,577.1% during the 4th quarter. Sunbelt Securities Inc. now owns 1,392 shares of the industrial products company's stock valued at $80,000 after acquiring an additional 1,309 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FLS has been the subject of a number of recent research reports. Mizuho set a $60.00 price target on shares of Flowserve in a research report on Friday, May 16th. The Goldman Sachs Group lifted their price target 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. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. 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 report on Thursday, July 31st. Finally, Citigroup lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. One investment 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's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $65.78.

Insider Buying and Selling at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the completion of the transaction, the insider directly owned 37,196 shares in the company, valued at $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.76% of the stock is currently owned by insiders.

Flowserve Stock Performance

NYSE FLS traded down $0.4440 during trading hours on Tuesday, hitting $52.7760. 1,027,903 shares of the company's stock traded hands, compared to its average volume of 2,071,919. The business's fifty day moving average price is $52.17 and its two-hundred day moving average price is $50.84. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $6.90 billion, a P/E ratio of 23.88, a P/E/G ratio of 1.10 and a beta of 1.28. 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 announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. Equities research analysts predict that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, September 26th. Flowserve's dividend payout ratio is presently 38.01%.

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.