Point72 Asset Management L.P. Purchases 282,052 Shares of Flowserve Co. (NYSE:FLS)

Point72 Asset Management L.P. increased its position in Flowserve Co. (NYSE:FLS) by 1,137.3% in the second quarter, HoldingsChannel reports. The firm owned 306,852 shares of the industrial products company’s stock after purchasing an additional 282,052 shares during the quarter. Point72 Asset Management L.P.’s holdings in Flowserve were worth $14,760,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Flowserve by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after buying an additional 144,704 shares during the last quarter. AQR Capital Management LLC grew 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 purchasing an additional 663,631 shares during the last quarter. Earnest Partners LLC increased its stake in Flowserve by 4.8% during the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock valued at $128,841,000 after purchasing an additional 121,873 shares in the last quarter. Millennium Management LLC raised its holdings in Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after acquiring an additional 1,596,429 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Flowserve by 3.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,559,489 shares of the industrial products company’s stock valued at $123,112,000 after acquiring an additional 83,868 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Trading Up 0.6 %

Flowserve stock 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 firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.16 and a beta of 1.39. The firm has a 50 day moving average of $48.08 and a 200 day 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.

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

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

FLS has been the topic of a number of research analyst reports. TD Cowen upped their price target on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Robert W. Baird boosted their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Bank of America reiterated a “buy” rating and set a $60.00 target price on shares of Flowserve in a research note on Tuesday, September 24th. Finally, Stifel Nicolaus raised their price target on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Flowserve currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

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.