Strs Ohio Invests $1.70 Million in Flowserve Corporation $FLS

Key Points

• Strs Ohio has made a new investment in Flowserve Corporation, acquiring 34,863 shares valued at approximately $1.7 million.
• Flowserve reported earnings of $0.91 per share for the last quarter, surpassing expectations, and plans to pay a dividend of $0.21 per share on October 10th.
• Wall Street analysts generally maintain a Buy rating for Flowserve, with an average target price of $65.78.

Strs Ohio acquired a new stake in shares of Flowserve Corporation (NYSE:FLS - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 34,863 shares of the industrial products company's stock, valued at approximately $1,703,000.

Other institutional investors have also recently made changes to their positions in the company. Delta Investment Management LLC lifted its holdings in Flowserve by 3.2% during the first quarter. Delta Investment Management LLC now owns 7,657 shares of the industrial products company's stock valued at $374,000 after purchasing an additional 237 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Flowserve by 0.9% during the 1st quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company's stock worth $1,378,000 after acquiring an additional 238 shares in the last quarter. KBC Group NV raised its position in shares of Flowserve by 4.8% in the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock valued at $277,000 after purchasing an additional 258 shares during the last quarter. Xponance Inc. raised its position in Flowserve by 1.8% during the 1st quarter. Xponance Inc. now owns 15,407 shares of the industrial products company's stock worth $752,000 after buying an additional 267 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Flowserve by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the industrial products company's stock worth $1,797,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Stock Down 1.8%

Shares of FLS stock traded down $1.03 during mid-day trading on Friday, reaching $56.67. 3,630,142 shares of the company were exchanged, compared to its average volume of 1,817,322. The business's 50 day simple moving average is $54.34 and its 200 day simple moving average is $50.23. The company has a market capitalization of $7.41 billion, a P/E ratio of 25.64, a P/E/G ratio of 1.18 and a beta of 1.29. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.13. The business had revenue of $1.19 billion during 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%. Research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be issued 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 of this dividend is Friday, September 26th. Flowserve's payout ratio is currently 38.01%.

Insider Buying and Selling

In related news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction that occurred on 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.76% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLS shares. Wall Street Zen lowered shares of Flowserve from a "strong-buy" rating to a "buy" rating in a report on Friday, September 5th. Citigroup boosted their price objective on 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 raised their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Stifel Nicolaus lifted their target price on Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Royal Bank Of Canada upped their target price on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. One equities research 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus 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.