Wellington Management Group LLP Purchases 248,273 Shares of Flowserve Corporation $FLS

Key Points

• Wellington Management Group LLP has increased its stake in Flowserve Corporation by 5.4%, acquiring an additional 248,273 shares, bringing their total holdings to 4,856,358 shares valued at approximately $237 million.
• A significant number of institutional investors have also modified their holdings in Flowserve, highlighting a growing interest in the company, which is now owned 93.93% by institutional investors.
• Flowserve recently announced a quarterly dividend of $0.21 per share, reflecting an annualized dividend yield of 1.6% and a payout ratio of 38.01%.

Wellington Management Group LLP raised its position in Flowserve Corporation (NYSE:FLS - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,856,358 shares of the industrial products company's stock after purchasing an additional 248,273 shares during the period. Wellington Management Group LLP owned approximately 3.71% of Flowserve worth $237,185,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Park Square Financial Group LLC bought a new stake in Flowserve in the fourth quarter valued at approximately $33,000. Colonial Trust Co SC increased its position in shares of Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after acquiring an additional 478 shares in the last quarter. Signaturefd LLC increased 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 in the last quarter. True Wealth Design LLC increased its position in shares of Flowserve by 80.1% during the fourth quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock worth $51,000 after acquiring an additional 394 shares in the last quarter. Finally, Strengthening Families & Communities LLC bought a new stake in shares of Flowserve during the first quarter worth $53,000. Institutional investors own 93.93% of the company's stock.

Insider Activity at Flowserve

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLS. Robert W. Baird lowered their price objective on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Mizuho set a $60.00 price objective on shares of Flowserve in a research report on Friday, May 16th. Stifel Nicolaus increased their price objective 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. Finally, The Goldman Sachs Group increased their price objective on shares of Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $65.78.

Flowserve Stock Down 0.2%

FLS traded down $0.1270 during trading hours on Monday, hitting $53.4230. 389,055 shares of the company's stock were exchanged, compared to its average volume of 2,044,146. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The stock's 50-day moving average is $52.60 and its two-hundred day moving average is $50.56. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.11 and a beta of 1.28. 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 announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. Sell-side analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently disclosed 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. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is 38.01%.

Flowserve Profile

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.