Seven Eight Capital LP Makes New $284,000 Investment in Flowserve Co. (NYSE:FLS)

Seven Eight Capital LP purchased a new position in shares of Flowserve Co. (NYSE:FLS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,914 shares of the industrial products company’s stock, valued at approximately $284,000.

A number of other large investors have also made changes to their positions in the stock. Eaton Financial Holdings Company LLC purchased a new position in shares of Flowserve in the fourth quarter valued at $2,169,000. RBA Wealth Management LLC acquired a new position in Flowserve during the first quarter worth about $3,112,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Flowserve in the first quarter valued at about $3,808,000. Hennessy Advisors Inc. grew its position in shares of Flowserve by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company’s stock valued at $28,226,000 after purchasing an additional 76,400 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in shares of Flowserve by 541.1% during the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock worth $20,616,000 after purchasing an additional 350,889 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FLS shares. Royal Bank of Canada increased their target price on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Robert W. Baird lifted their price objective 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 lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Bank of America lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Stifel Nicolaus upped their price objective on shares of Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.11.

Flowserve Stock Up 1.5 %

Shares of Flowserve stock opened at $48.60 on Tuesday. The company has a fifty day moving average price of $47.95 and a 200 day moving average price of $47.56. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve Co. has a twelve month low of $35.31 and a twelve month high of $52.09. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 27.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39.

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

Flowserve Announces Dividend

The business also recently disclosed 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 1.73%. Flowserve’s dividend payout ratio (DPR) is 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.