UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Boosts Stock Position in Flowserve Corporation $FLS

Key Points

• UBS Asset Management increased its stake in Flowserve Corporation by 5.9%, acquiring an additional 35,363 shares, bringing its total holdings to 634,846 shares worth $31 million.
• Flowserve recently declared a quarterly dividend of $0.21 per share, with a yield of 1.5%, scheduled for payment on October 10th.
• In terms of performance, Flowserve's stock has a current market cap of $7.40 billion, with recent earnings reporting a higher than expected EPS of $0.91, beating the consensus estimate by $0.13.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 634,846 shares of the industrial products company's stock after purchasing an additional 35,363 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.49% of Flowserve worth $31,006,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FLS. Principal Financial Group Inc. raised its holdings in Flowserve by 0.4% during the first quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock worth $14,763,000 after purchasing an additional 1,103 shares during the last quarter. KBC Group NV boosted its position in shares of Flowserve by 4.8% in the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after buying an additional 258 shares during the period. GAMMA Investing LLC boosted its position in 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 last quarter. Johnson Investment Counsel Inc. bought a new position in Flowserve during the 1st quarter valued at $216,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Flowserve by 453.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company's stock worth $8,402,000 after acquiring an additional 139,939 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Stock Down 1.8%

Shares of NYSE FLS traded down $1.03 during trading on Friday, hitting $56.67. 3,630,142 shares of the company traded hands, compared to its average volume of 1,817,322. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The business's fifty day moving average is $54.34 and its 200 day moving average is $50.23. 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 firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 1.18 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.13. The firm 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%. Equities research analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.21 per share. 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 dividend payout ratio (DPR) is presently 38.01%.

Insider Activity at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the insider owned 37,196 shares in the company, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.76% of the stock is owned by insiders.

Analyst Ratings Changes

FLS has been the topic of several recent analyst reports. 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 report on Tuesday, July 8th. Royal Bank Of Canada increased their price objective on Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Wall Street Zen lowered shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. Finally, Citigroup lifted their price objective on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Flowserve 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.