First Eagle Investment Management LLC Purchases 23,638 Shares of Flowserve Co. (NYSE:FLS)

First Eagle Investment Management LLC increased its position in Flowserve Co. (NYSE:FLS) by 0.2% in the second quarter, HoldingsChannel reports. The firm owned 10,759,601 shares of the industrial products company’s stock after purchasing an additional 23,638 shares during the quarter. First Eagle Investment Management LLC owned 0.08% of Flowserve worth $517,537,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FLS. BNP Paribas Financial Markets boosted its holdings in shares of Flowserve by 937.3% during the 4th quarter. BNP Paribas Financial Markets now owns 65,756 shares of the industrial products company’s stock valued at $2,710,000 after buying an additional 59,417 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Flowserve by 8.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock worth $82,595,000 after acquiring an additional 157,125 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Flowserve by 9.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 11,352 shares of the industrial products company’s stock worth $468,000 after acquiring an additional 937 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Flowserve by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 29,458 shares of the industrial products company’s stock worth $1,214,000 after purchasing an additional 3,558 shares during the period. Finally, Norges Bank bought a new position in shares of Flowserve during the fourth quarter valued at approximately $59,261,000. 93.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Robert W. Baird upped their price target on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Stifel Nicolaus lifted their price target on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Bank of America upped their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, TD Cowen raised their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.11.

Flowserve Price Performance

NYSE FLS opened at $46.86 on Thursday. Flowserve Co. has a one year low of $35.31 and a one year high of $52.09. The stock has a 50-day moving average of $47.98 and a 200 day moving average of $47.41. 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 company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 1.09 and a beta of 1.39.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted $0.52 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts forecast that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.79%. Flowserve’s dividend payout ratio is presently 47.46%.

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.