United Services Automobile Association Purchases New Shares in Flowserve Corporation $FLS

Key Points

• United Services Automobile Association has invested approximately $426,000 in Flowserve Corporation by acquiring 8,742 shares during the 1st quarter.
• Analysts have issued various ratings on Flowserve, with Goldman Sachs increasing its price target from $54.00 to $60.00 and Citigroup raising it from $58.00 to $65.00, indicating a generally positive outlook.
• Flowserve recently announced a quarterly dividend of $0.21 per share, with a total annualized dividend yield of 1.5%, highlighting a solid return for shareholders.

United Services Automobile Association purchased a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,742 shares of the industrial products company's stock, valued at approximately $426,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FLS. Park Square Financial Group LLC bought a new position in Flowserve during the 4th quarter worth $33,000. Signaturefd LLC grew its position in shares of Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company's stock worth $50,000 after acquiring an additional 429 shares during the last quarter. Strengthening Families & Communities LLC bought a new position in shares of Flowserve during the first quarter worth about $53,000. Brooklyn Investment Group increased its holdings in shares of Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company's stock worth $53,000 after acquiring an additional 349 shares during the period. Finally, Tsfg LLC bought a new stake in Flowserve in the 1st quarter valued at about $70,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Wall Street Analyst Weigh In

FLS has been the subject of several recent analyst reports. Wall Street Zen cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 5th. The Goldman Sachs Group increased their price objective on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Citigroup lifted their target price on Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Royal Bank Of Canada increased their price target on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research note on Friday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $65.78.

Insider Activity 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 shares were 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 $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.76% of the stock is owned by insiders.

Flowserve Price Performance

Shares of FLS traded down $0.36 during midday trading on Friday, reaching $56.30. The stock had a trading volume of 1,480,516 shares, compared to its average volume of 1,479,548. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. 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 firm's 50 day moving average price is $54.02 and its 200-day moving average price is $50.09. The company has a market capitalization of $7.36 billion, a P/E ratio of 25.48, a P/E/G ratio of 1.16 and a beta of 1.29.

Flowserve (NYSE:FLS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%.The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.22 billion. On average, analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be paid 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 1.5%. Flowserve's payout ratio is currently 38.01%.

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.