Victory Capital Management Inc. Acquires 86,751 Shares of Flowserve Co. (NYSE:FLS)

Victory Capital Management Inc. increased its stake in shares of Flowserve Co. (NYSE:FLS) by 220.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,095 shares of the industrial products company’s stock after acquiring an additional 86,751 shares during the quarter. Victory Capital Management Inc.’s holdings in Flowserve were worth $6,065,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of FLS. Vanguard Group Inc. increased its holdings in shares of Flowserve by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after purchasing an additional 144,704 shares during the period. Dimensional Fund Advisors LP raised its holdings in Flowserve by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after acquiring an additional 157,125 shares in the last quarter. Norges Bank bought a new stake in shares of Flowserve in the 4th quarter worth approximately $59,261,000. Gabelli Funds LLC grew its holdings in shares of Flowserve by 1.3% during the 1st quarter. Gabelli Funds LLC now owns 1,283,016 shares of the industrial products company’s stock worth $58,608,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Flowserve by 1.6% during the fourth quarter. Brown Advisory Inc. now owns 1,159,796 shares of the industrial products company’s stock valued at $47,807,000 after purchasing an additional 18,310 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Price Performance

Flowserve stock opened at $46.65 on Monday. Flowserve Co. has a 52 week low of $35.31 and a 52 week high of $52.09. The firm has a market cap of $6.13 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.09 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The business’s fifty day moving average is $47.97 and its two-hundred day moving average is $47.31.

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

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.21 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.80%. Flowserve’s dividend payout ratio (DPR) is currently 47.46%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FLS. Robert W. Baird lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Bank of America lifted their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Royal Bank of Canada raised their price target on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 31st. TD Cowen increased their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus upped their price target on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Flowserve has an average rating of “Moderate Buy” and a consensus target price of $56.11.

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.