Sit Investment Associates Inc. Purchases New Stake in Flowserve Corporation $FLS

Key Points

• Sit Investment Associates Inc. acquired 129,980 shares of Flowserve Corporation, totaling approximately $6.35 million, marking its entry into the company's stock during the first quarter.
• Flowserve reported a quarterly earnings per share (EPS) of $0.91, exceeding analyst expectations of $0.78, while its revenue was $1.19 billion for the quarter.
• The company will pay a quarterly dividend of $0.21 per share on October 10th, reflecting an annualized dividend yield of 1.6%.

Sit Investment Associates Inc. purchased a new position in Flowserve Corporation (NYSE:FLS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 129,980 shares of the industrial products company's stock, valued at approximately $6,348,000. Sit Investment Associates Inc. owned approximately 0.10% of Flowserve as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of FLS. Envestnet Asset Management Inc. increased its position in Flowserve by 5.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 242,383 shares of the industrial products company's stock worth $13,942,000 after buying an additional 12,644 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Flowserve by 23.4% during the 4th quarter. Advisory Services Network LLC now owns 5,792 shares of the industrial products company's stock valued at $333,000 after buying an additional 1,097 shares during the period. Raymond James Financial Inc. bought a new position in Flowserve in the 4th quarter worth $14,546,000. Treasurer of the State of North Carolina increased its holdings in shares of Flowserve by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 57,739 shares of the industrial products company's stock worth $3,321,000 after purchasing an additional 360 shares during the last quarter. Finally, Sterling Capital Management LLC grew its position in Flowserve by 56.7% in the fourth quarter. Sterling Capital Management LLC now owns 7,846 shares of the industrial products company's stock worth $451,000 after acquiring an additional 2,839 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Price Performance

FLS traded down $0.5450 on Tuesday, reaching $52.6750. The company had a trading volume of 552,383 shares, compared to its average volume of 2,068,441. The company has a fifty day moving average of $52.17 and a 200-day moving average of $50.84. The company has a market capitalization of $6.89 billion, a P/E ratio of 23.85, a PEG ratio of 1.10 and a beta of 1.28. 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 one year low of $37.34 and a one year high of $65.08.

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 business 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%. As a group, equities research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve's dividend payout ratio is presently 38.01%.

Insider Transactions at Flowserve

In related 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 directly owned 37,196 shares of the company's stock, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus lifted their price target on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Citigroup lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 14th. Mizuho set a $60.00 price objective on shares of Flowserve in a report on Friday, May 16th. Finally, 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. One research 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 data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $65.78.

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.