Raymond James Financial Inc. Raises Holdings in Flowserve Corporation $FLS

Key Points

• Raymond James Financial Inc. increased its holdings in Flowserve Corporation by 6.1%, acquiring an additional 15,549 shares, bringing its total ownership to approximately $13.1 million.
• Flowserve's recent quarterly earnings showed a profit of $0.91 earnings per share, surpassing analysts' expectations by $0.13, though revenue of $1.19 billion fell short of estimates.
• Several analysts have raised their target prices for Flowserve, with an average target price of $65.78 and multiple 'buy' ratings from top brokerages.

Raymond James Financial Inc. boosted its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 6.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 268,439 shares of the industrial products company's stock after buying an additional 15,549 shares during the period. Raymond James Financial Inc. owned 0.21% of Flowserve worth $13,111,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Park Square Financial Group LLC purchased a new stake in shares of Flowserve during the fourth quarter worth about $33,000. Colonial Trust Co SC raised its position in shares of Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock valued at $34,000 after buying an additional 478 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after buying an additional 429 shares in the last quarter. Strengthening Families & Communities LLC purchased a new position in shares of Flowserve in the first quarter worth $53,000. Finally, Tsfg LLC bought a new position in shares of Flowserve during the first quarter worth $70,000. 93.93% of the stock is owned by institutional investors.

Flowserve Trading Down 0.4%

Flowserve stock traded down $0.23 during mid-day trading on Wednesday, hitting $53.29. The company's stock had a trading volume of 609,993 shares, compared to its average volume of 2,025,590. The stock has a market cap of $6.97 billion, a PE ratio of 24.11, a P/E/G ratio of 1.10 and a beta of 1.29. Flowserve Corporation has a one year low of $37.34 and a one year high of $65.08. 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 company has a 50 day moving average of $53.62 and a 200-day moving average of $50.22.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. On average, research analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Kirk Wilson sold 10,000 shares of Flowserve stock in a transaction dated Tuesday, August 12th. The stock was 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 $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Citigroup boosted their price target 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. The Goldman Sachs Group boosted their target price on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Mizuho set a $60.00 price target on Flowserve in a research note on Friday, May 16th. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada increased their target price on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a research report 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, the company presently has a consensus rating of "Buy" and an average target price 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.