189,795 Shares in Flowserve Corporation $FLS Bought by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. has acquired a new position in Flowserve Corporation, purchasing 189,795 shares valued at approximately $9.27 million during the first quarter.
• Flowserve recently reported earnings of $0.91 per share, surpassing the consensus estimate of $0.78, although it fell short on revenue with $1.19 billion compared to the expected $1.22 billion.
• A quarterly dividend of $0.21 per share will be paid to investors on October 10th, representing an annualized yield of 1.6% and reflecting a dividend payout ratio of 38.01%.

T. Rowe Price Investment Management Inc. purchased a new position in Flowserve Corporation (NYSE:FLS - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 189,795 shares of the industrial products company's stock, valued at approximately $9,270,000. T. Rowe Price Investment Management Inc. owned about 0.15% of Flowserve at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FLS. Wellington Management Group LLP grew its holdings in 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 purchasing an additional 248,273 shares during the period. AQR Capital Management LLC increased its holdings in shares of Flowserve by 9.7% during the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company's stock worth $168,272,000 after buying an additional 258,361 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Flowserve by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,443,456 shares of the industrial products company's stock worth $119,332,000 after buying an additional 75,374 shares during the period. Nuveen LLC acquired a new position in Flowserve in the first quarter valued at $111,598,000. Finally, Massachusetts Financial Services Co. MA grew its position in Flowserve by 6.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,954,365 shares of the industrial products company's stock valued at $95,451,000 after acquiring an additional 122,161 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Stock Down 1.9%

FLS traded down $1.06 on Friday, reaching $53.66. The company's stock had a trading volume of 1,240,351 shares, compared to its average volume of 1,482,098. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08. The business's 50 day moving average is $53.36 and its 200 day moving average is $50.34. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.11 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 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 the consensus estimate of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. As a group, research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Royal Bank Of Canada raised their price objective on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Citigroup boosted their price objective 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. Stifel Nicolaus raised their target price on shares of Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. The Goldman Sachs Group lifted their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Flowserve presently has an average rating of "Buy" and an average price target of $65.78.

Insider Activity

In other news, insider Kirk Wilson sold 10,000 shares of the company'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 sale, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.76% of the company's stock.

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.