47,369 Shares in Flowserve Co. (NYSE:FLS) Acquired by Algert Global LLC

Algert Global LLC acquired a new position in Flowserve Co. (NYSE:FLS) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 47,369 shares of the industrial products company’s stock, valued at approximately $2,278,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FLS. Millennium Management LLC lifted its stake in shares of Flowserve by 155.2% in the second 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 period. Silvercrest Asset Management Group LLC bought a new stake in Flowserve in the first quarter worth approximately $41,413,000. Vaughan Nelson Investment Management L.P. bought a new stake in Flowserve in the second quarter worth approximately $37,100,000. AQR Capital Management LLC increased its holdings in Flowserve by 31.8% in the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Flowserve by 5,256.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock worth $29,452,000 after purchasing an additional 600,866 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FLS has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their target price on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. Robert W. Baird lifted their target price on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Stifel Nicolaus boosted their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. TD Cowen boosted their price objective on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.88.

Flowserve Stock Up 1.8 %

Shares of NYSE:FLS opened at $52.80 on Thursday. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 29.83, a PEG ratio of 1.16 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $53.86. The business’s 50 day moving average is $48.10 and its 200 day moving average is $47.89.

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

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.59%. Flowserve’s payout ratio 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.