Northern Trust Corp Trims Position in Flowserve Corporation $FLS

Key Points

• Northern Trust Corp has reduced its stake in Flowserve Corporation by 2.5%, selling 28,420 shares to hold 1,097,317 shares valued at approximately $53.6 million.
• Several institutional investors have increased their stakes in Flowserve, with a notable acquisition by Nuveen LLC totaling approximately $111.6 million.
• Flowserve's stock received positive sentiment from analysts, with upgrades in price targets from firms like Royal Bank of Canada and Citigroup, indicating an average price target of $65.78.

Northern Trust Corp decreased its stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,097,317 shares of the industrial products company's stock after selling 28,420 shares during the period. Northern Trust Corp owned about 0.84% of Flowserve worth $53,593,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Brooklyn Investment Group boosted its position in shares of Flowserve by 47.2% during the first quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock valued at $53,000 after buying an additional 349 shares during the last quarter. FCG Investment Co purchased a new stake in shares of Flowserve during the first quarter valued at approximately $1,581,000. Algert Global LLC increased its position in shares of Flowserve by 15.7% during the first quarter. Algert Global LLC now owns 209,663 shares of the industrial products company's stock valued at $10,240,000 after acquiring an additional 28,400 shares during the last quarter. Corient IA LLC purchased a new stake in shares of Flowserve during the first quarter valued at approximately $220,000. Finally, Roubaix Capital LLC increased its position in shares of Flowserve by 1.4% during the first quarter. Roubaix Capital LLC now owns 75,096 shares of the industrial products company's stock valued at $3,668,000 after acquiring an additional 1,064 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. The Goldman Sachs Group increased their price target on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Citigroup increased their price target on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Royal Bank Of Canada upped their price objective on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Stifel Nicolaus upped their price objective on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. One 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $65.78.

Flowserve Price Performance

NYSE FLS traded down $1.06 on Friday, hitting $53.66. The stock had a trading volume of 1,240,351 shares, compared to its average volume of 1,482,098. 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 Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.11 and a beta of 1.28. The firm has a 50-day moving average of $53.36 and a 200-day moving average of $50.34.

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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.22 billion. Equities analysts expect that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

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

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider owned 37,196 shares of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Company insiders own 0.76% of the company's stock.

Flowserve Company 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.