Wolverine Asset Management LLC Cuts Holdings in Flowserve Co. (NYSE:FLS)

Wolverine Asset Management LLC trimmed its holdings in shares of Flowserve Co. (NYSE:FLS) by 78.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,000 shares of the industrial products company’s stock after selling 59,000 shares during the period. Wolverine Asset Management LLC’s holdings in Flowserve were worth $770,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Signaturefd LLC increased its stake in Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares in the last quarter. nVerses Capital LLC purchased a new position in Flowserve in the 2nd quarter valued at approximately $34,000. YHB Investment Advisors Inc. purchased a new position in Flowserve in the 1st quarter valued at approximately $36,000. Raleigh Capital Management Inc. increased its stake in Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 596 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Flowserve by 166.0% in the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FLS. Royal Bank of Canada raised their price objective on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 31st. Stifel Nicolaus raised their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Robert W. Baird raised their price target on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, TD Cowen raised their price target on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.11.

Flowserve Price Performance

FLS stock opened at $47.33 on Thursday. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $52.09. The stock’s fifty day simple moving average is $48.18 and its 200-day simple moving average is $47.14. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 26.74, a price-to-earnings-growth ratio of 1.19 and a beta of 1.42.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the firm earned $0.52 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. Equities research analysts expect that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s payout ratio is currently 47.46%.

Flowserve Company 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.