Pinnacle Wealth Management LLC Takes Position in Flowserve Corporation $FLS

Key Points

• Pinnacle Wealth Management LLC acquired a new stake in Flowserve Corporation, purchasing 13,801 shares valued at approximately $674,000, making it their 29th largest investment.
• Flowserve recently announced a quarterly dividend of $0.21 per share, with a dividend yield of **1.6%**, set to be paid on October 10th.
• Analysts have rated Flowserve with an average rating of “Buy” and a consensus price target of $65.78, with some upgrades to “strong-buy” status recently.

Pinnacle Wealth Management LLC acquired a new stake in Flowserve Corporation (NYSE:FLS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,801 shares of the industrial products company's stock, valued at approximately $674,000. Flowserve comprises about 0.8% of Pinnacle Wealth Management LLC's portfolio, making the stock its 29th largest position.

A number of other large investors also recently added to or reduced their stakes in FLS. Wellington Management Group LLP raised its stake in shares of Flowserve by 5.4% in the first quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company's stock valued at $237,185,000 after acquiring an additional 248,273 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 valued at $53,000 after buying an additional 349 shares in the last quarter. FCG Investment Co acquired a new stake in Flowserve in the first quarter valued at $1,581,000. Algert Global LLC raised its stake in Flowserve by 15.7% in the first quarter. Algert Global LLC now owns 209,663 shares of the industrial products company's stock valued at $10,240,000 after buying an additional 28,400 shares in the last quarter. Finally, Corient IA LLC acquired a new stake in Flowserve in the first quarter valued at $220,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Performance

Shares of NYSE FLS traded up $1.4470 during midday trading on Friday, reaching $53.4270. 1,129,858 shares of the company were exchanged, compared to its average volume of 2,587,389. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The stock has a fifty day simple moving average of $52.60 and a 200 day simple moving average of $50.73. The stock has a market cap of $6.99 billion, a P/E ratio of 24.18, a PEG ratio of 1.07 and a beta of 1.28.

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 analysts' consensus estimates of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%.The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. On average, research analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. Flowserve's dividend payout ratio (DPR) is presently 38.01%.

Analyst Ratings Changes

A number of research firms have weighed in on FLS. Royal Bank Of Canada raised their price target on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group raised their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Robert W. Baird dropped their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Mizuho set a $60.00 price objective on Flowserve in a report on Friday, May 16th. Finally, Citigroup raised their price objective on 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 given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $65.78.

Insider Buying and Selling

In related news, insider Kirk Wilson sold 10,000 shares of the firm's stock in a transaction dated 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 owned 37,196 shares in the company, valued at $1,979,571.12. This trade represents a 21.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.76% of the stock is currently owned by insiders.

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.