Panagora Asset Management Inc. Has $18.59 Million Stock Position in Flowserve Corporation $FLS

Key Points

• Panagora Asset Management Inc. reduced its stake in Flowserve Corporation by 18.9% to approximately $18.59 million, holding 380,700 shares after selling 88,928 shares.
• Flowserve recently announced a quarterly dividend of $0.21 per share, resulting in an annualized dividend of $0.84 and a yield of 1.6%, with a payout ratio of 38.01%.
• Analysts have increased their target prices for Flowserve's stock, with a consensus target of $65.78 and a majority rating it as a "buy" or "strong-buy."

Panagora Asset Management Inc. lowered its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 18.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 380,700 shares of the industrial products company's stock after selling 88,928 shares during the period. Panagora Asset Management Inc. owned about 0.29% of Flowserve worth $18,593,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in FLS. Nuveen LLC purchased a new position in shares of Flowserve in the first quarter worth approximately $111,598,000. Driehaus Capital Management LLC increased its position in shares of Flowserve by 307.1% in the fourth quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock worth $108,651,000 after acquiring an additional 1,424,948 shares in the last quarter. Erste Asset Management GmbH increased its position in shares of Flowserve by 978.8% in the first quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company's stock worth $49,025,000 after acquiring an additional 910,750 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Flowserve by 57.7% in the fourth quarter. Point72 Asset Management L.P. now owns 1,440,518 shares of the industrial products company's stock worth $82,859,000 after acquiring an additional 527,250 shares in the last quarter. Finally, Moore Capital Management LP purchased a new position in shares of Flowserve in the fourth quarter worth approximately $23,102,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Up 1.5%

NYSE FLS traded up $0.83 during trading on Thursday, reaching $54.31. The company's stock had a trading volume of 560,542 shares, compared to its average volume of 2,021,383. 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 stock has a market capitalization of $7.10 billion, a PE ratio of 24.58, a PEG ratio of 1.10 and a beta of 1.29. The business has a 50-day moving average price of $53.72 and a 200-day moving average price of $50.24. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.13. The firm had revenue of $1.19 billion during 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%. On average, research analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 1.5%. The ex-dividend date is Friday, September 26th. Flowserve's payout ratio is presently 38.01%.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction 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 sale, the insider directly owned 37,196 shares in the company, valued at approximately $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. 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 research report on Thursday, July 31st. The Goldman Sachs Group boosted their price objective 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 research report on Saturday, August 2nd. Finally, Stifel Nicolaus boosted their price objective on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One investment 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.com, the company presently has a consensus rating of "Buy" and a consensus 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.