Wealth Enhancement Advisory Services LLC Grows Position in Flowserve Corporation $FLS

Key Points

• Wealth Enhancement Advisory Services LLC has increased its ownership in Flowserve Corporation by 2.7%, acquiring an additional 17,375 shares and bringing its total stake to approximately 657,234 shares, valued at $36.3 million.
• Flowserve recently announced a quarterly dividend of $0.21 per share, representing an annualized dividend of $0.84 and a yield of 1.5%, with the payment date set for October 10th.
• Analysts have shown optimistic sentiment towards Flowserve, with upgraded price targets, including an increase from $63 to $66 by Stifel Nicolaus and Citigroup lifting their target from $58 to $65, while the average rating for the stock stands at "Buy."

Wealth Enhancement Advisory Services LLC grew its position in shares of Flowserve Corporation (NYSE:FLS - Free Report) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 657,234 shares of the industrial products company's stock after acquiring an additional 17,375 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.50% of Flowserve worth $36,338,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of FLS. Sivia Capital Partners LLC bought a new stake in Flowserve during the second quarter worth $313,000. Pallas Capital Advisors LLC grew its holdings in Flowserve by 13.3% during the second quarter. Pallas Capital Advisors LLC now owns 25,653 shares of the industrial products company's stock worth $1,343,000 after buying an additional 3,014 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Flowserve during the second quarter worth $213,000. Veracity Capital LLC boosted its position in Flowserve by 2.6% in the second quarter. Veracity Capital LLC now owns 14,216 shares of the industrial products company's stock worth $744,000 after purchasing an additional 355 shares during the last quarter. Finally, Dover Advisors LLC purchased a new position in Flowserve in the second quarter worth $442,000. Institutional investors own 93.93% of the company's stock.

Insiders Place Their Bets

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the 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 sale, the insider owned 37,196 shares in the company, valued at approximately $1,979,571.12. This trade represents a 21.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.72% of the company's stock.

Flowserve Price Performance

Shares of Flowserve stock traded up $0.98 during trading on Tuesday, hitting $57.78. 413,558 shares of the stock traded hands, compared to its average volume of 2,041,037. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 1.16 and a beta of 1.29. Flowserve Corporation has a 52 week low of $37.34 and a 52 week high of $65.08. The firm's fifty day moving average is $54.41 and its 200-day moving average is $50.30. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63.

Flowserve (NYSE:FLS - Get Free Report) last issued 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. The company had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.22 billion. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. Research analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders 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 annualized dividend and a yield of 1.5%. Flowserve's dividend payout ratio (DPR) is 38.01%.

Analyst Ratings Changes

A number of research analysts have recently commented on FLS shares. The Goldman Sachs Group upped their price target on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Citigroup increased their price objective on Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Wall Street Zen lowered Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. 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. Finally, Stifel Nicolaus increased their price objective on Flowserve from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One investment 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. According to data from MarketBeat, 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.