ABLE Financial Group LLC Buys 4,404 Shares of Flowserve Corporation $FLS

ABLE Financial Group LLC lifted its stake in shares of Flowserve Corporation (NYSE:FLS) by 22.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 24,334 shares of the industrial products company’s stock after buying an additional 4,404 shares during the quarter. ABLE Financial Group LLC’s holdings in Flowserve were worth $1,274,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in Flowserve by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,275 shares of the industrial products company’s stock valued at $14,763,000 after acquiring an additional 1,103 shares during the period. KBC Group NV grew its position in shares of Flowserve by 4.8% in the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company’s stock valued at $277,000 after purchasing an additional 258 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Flowserve by 26.6% during the first quarter. GAMMA Investing LLC now owns 2,288 shares of the industrial products company’s stock worth $112,000 after purchasing an additional 481 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in Flowserve during the 1st quarter worth approximately $216,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Flowserve by 453.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company’s stock valued at $8,402,000 after purchasing an additional 139,939 shares during the period. Institutional investors own 93.93% of the company’s stock.

Insiders Place Their Bets

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. Following the sale, the insider directly owned 37,196 shares of the company’s stock, valued at $1,979,571.12. The trade was a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by insiders.

Flowserve Stock Performance

NYSE FLS opened at $56.67 on Monday. The firm’s fifty day moving average price is $54.34 and its two-hundred day moving average price is $50.24. The stock has a market cap of $7.41 billion, a PE ratio of 25.64, a PEG ratio of 1.16 and a beta of 1.29. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10.

Flowserve (NYSE:FLS) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. On average, equities analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 26th. Flowserve’s dividend payout ratio (DPR) is 38.01%.

Analyst Ratings Changes

Several research analysts have weighed in on FLS shares. Royal Bank Of Canada increased their price objective on Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. The Goldman Sachs Group upped their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Stifel Nicolaus lifted their price objective on shares of Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Citigroup boosted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 14th. Finally, Wall Street Zen cut Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Flowserve has an average rating of “Buy” and a consensus target price of $65.78.

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.