Voya Investment Management LLC Grows Position in Flowserve Corporation $FLS

Key Points

• Voya Investment Management LLC increased its stake in Flowserve Corporation by 63.7% during the first quarter, holding 695,513 shares valued at $33.97 million.
• Recent analyst reports have issued a consensus rating of "Buy" for Flowserve, with price targets ranging from $60.00 to $66.00 reflecting optimism about the stock's performance.
• Flowserve recently announced a quarterly dividend of $0.21 per share, representing a 1.5% dividend yield, with a payout ratio of 38.01%.

Voya Investment Management LLC increased its stake in Flowserve Corporation (NYSE:FLS - Free Report) by 63.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 695,513 shares of the industrial products company's stock after purchasing an additional 270,608 shares during the quarter. Voya Investment Management LLC owned 0.53% of Flowserve worth $33,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in shares of Flowserve by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company's stock worth $14,763,000 after acquiring an additional 1,103 shares during the last quarter. KBC Group NV boosted its stake in shares of Flowserve by 4.8% during the 1st quarter. KBC Group NV now owns 5,676 shares of the industrial products company's stock worth $277,000 after acquiring an additional 258 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Flowserve by 26.6% during the 1st quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company's stock worth $112,000 after acquiring an additional 481 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new position in shares of Flowserve during the 1st quarter worth $216,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Flowserve by 453.3% during 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 during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the business'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 directly owned 37,196 shares in the company, valued at $1,979,571.12. The trade was a 21.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.76% of the stock is currently owned by company insiders.

Flowserve Price Performance

NYSE FLS traded up $1.14 on Thursday, reaching $57.38. The company had a trading volume of 1,528,952 shares, compared to its average volume of 2,034,994. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $7.50 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 1.15 and a beta of 1.29. The firm's 50 day moving average price is $54.21 and its 200 day moving average price is $50.15. Flowserve Corporation has a 12 month low of $37.34 and a 12 month high of $65.08.

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 analysts' consensus estimates of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. As a group, equities analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 26th will be issued a $0.21 dividend. The ex-dividend date is Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Flowserve's payout ratio is 38.01%.

Analyst Ratings Changes

Several research analysts have recently weighed in on FLS shares. Royal Bank Of Canada lifted their price target on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. 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. Wall Street Zen cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. 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 research note on Tuesday, July 8th. Finally, Citigroup lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. One 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. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target 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.