Brandes Investment Partners LP Increases Stake in Flowserve Co. (NYSE:FLS)

Brandes Investment Partners LP increased its holdings in Flowserve Co. (NYSE:FLS) by 8.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,435 shares of the industrial products company’s stock after acquiring an additional 6,597 shares during the quarter. Brandes Investment Partners LP owned approximately 0.06% of Flowserve worth $3,996,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FLS. Millennium Management LLC raised its holdings in shares of Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after purchasing an additional 1,596,429 shares in the last quarter. Silvercrest Asset Management Group LLC purchased a new stake in Flowserve during the first quarter worth $41,413,000. Vaughan Nelson Investment Management L.P. bought a new stake in Flowserve during the 2nd quarter valued at $37,100,000. AQR Capital Management LLC boosted its position in Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after acquiring an additional 663,631 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Flowserve by 5,256.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after acquiring an additional 600,866 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Trading Up 0.6 %

NYSE FLS opened at $51.69 on Tuesday. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $53.86. The company has a fifty day simple moving average of $48.08 and a two-hundred day simple moving average of $47.84. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The stock has a market cap of $6.81 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.16 and a beta of 1.39.

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

Flowserve Announces Dividend

The firm also recently declared 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. The ex-dividend date is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.63%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus raised their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada raised their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, 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 report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Flowserve currently has an average rating of “Moderate Buy” and an average price target of $56.88.

About Flowserve

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.