Millennium Management LLC Boosts Stock Position in Flowserve Co. (NYSE:FLS)

Millennium Management LLC lifted its position in shares of Flowserve Co. (NYSE:FLS) by 155.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,624,919 shares of the industrial products company’s stock after buying an additional 1,596,429 shares during the period. Millennium Management LLC’s holdings in Flowserve were worth $126,259,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FLS. Signaturefd LLC raised its stake in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Flowserve in the 2nd quarter valued at $34,000. YHB Investment Advisors Inc. bought a new position in shares of Flowserve during the 1st quarter valued at $36,000. Raleigh Capital Management Inc. raised its position in Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of FLS stock opened at $51.37 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. Flowserve Co. has a fifty-two week low of $35.31 and a fifty-two week high of $53.86. The firm has a market cap of $6.76 billion, a P/E ratio of 29.02, a P/E/G ratio of 1.16 and a beta of 1.39. The business’s 50 day moving average price is $48.06 and its 200-day moving average price is $47.74.

Flowserve (NYSE:FLS) last announced its quarterly 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 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 revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. On average, equities research analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently declared 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. This represents a $0.84 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

Analyst Ratings Changes

FLS has been the topic of a number of recent research reports. Royal Bank of Canada raised their price objective on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 31st. TD Cowen raised their price target on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird boosted their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Stifel Nicolaus lifted their target price on shares of Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research note 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’s stock. According to data from MarketBeat, the stock has a consensus 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.