Ritholtz Wealth Management Boosts Holdings in Flowserve Corporation $FLS

Key Points

• Ritholtz Wealth Management increased its holdings in Flowserve Corporation by 76.4% in the second quarter, now owning 11,493 shares valued at approximately $602,000.
• Insider Kirk Wilson sold 10,000 shares of Flowserve stock recently, leading to a 21.19% decrease in their position, with the shares sold for a total of $532,200.
• Flowserve recently announced a quarterly dividend of $0.21 per share, translating to a yearly payout of $0.84 and a current yield of 1.7%.

Ritholtz Wealth Management grew its position in Flowserve Corporation (NYSE:FLS - Free Report) by 76.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,493 shares of the industrial products company's stock after buying an additional 4,979 shares during the period. Ritholtz Wealth Management's holdings in Flowserve were worth $602,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FLS. GAMMA Investing LLC grew its stake in shares of Flowserve by 26.6% in the 1st quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock valued at $112,000 after buying an additional 481 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Flowserve by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 15,393 shares of the industrial products company's stock valued at $751,000 after buying an additional 415 shares during the period. Johnson Investment Counsel Inc. purchased a new stake in shares of Flowserve in the 1st quarter valued at approximately $216,000. Comprehensive Money Management Services LLC lifted its holdings in shares of Flowserve by 34.8% in the 1st quarter. Comprehensive Money Management Services LLC now owns 6,157 shares of the industrial products company's stock worth $301,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Lecap Asset Management Ltd. lifted its holdings in shares of Flowserve by 90.4% in the 1st quarter. Lecap Asset Management Ltd. now owns 48,915 shares of the industrial products company's stock worth $2,389,000 after acquiring an additional 23,229 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Insider Buying and Selling at Flowserve

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

Flowserve Price Performance

Flowserve stock opened at $50.56 on Monday. The firm has a market cap of $6.61 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.03 and a beta of 1.27. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The company's 50 day moving average is $53.70 and its two-hundred day moving average is $50.69.

Flowserve (NYSE:FLS - Get Free Report) last released its 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. The company had revenue of $1.19 billion for 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%. On average, research analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, September 26th. Flowserve's dividend payout ratio (DPR) is presently 38.01%.

Analyst Ratings Changes

Several brokerages have recently commented on FLS. Royal Bank Of Canada upped their price objective on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Weiss Ratings restated a "buy (b-)" rating on shares of Flowserve in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Friday, October 3rd. The Goldman Sachs Group upped their price objective on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Citigroup upped their price objective 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 analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $65.88.

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.

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