Inspire Investing LLC Sells 3,855 Shares of Flowserve Corporation $FLS

Inspire Investing LLC lessened its position in Flowserve Corporation (NYSE:FLS) by 8.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 42,105 shares of the industrial products company’s stock after selling 3,855 shares during the quarter. Inspire Investing LLC’s holdings in Flowserve were worth $2,204,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC bought a new stake in shares of Flowserve in the 2nd quarter worth $25,000. Hilltop National Bank purchased a new position in Flowserve during the second quarter valued at $31,000. IFP Advisors Inc lifted its position in shares of Flowserve by 1,289.6% in the second quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 619 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Flowserve by 74.5% in the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 344 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 429 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Stock Down 4.8%

Flowserve stock opened at $49.10 on Friday. The business has a fifty day moving average of $53.97 and a two-hundred day moving average of $50.60. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. The firm has a market cap of $6.42 billion, a P/E ratio of 22.22, a P/E/G ratio of 1.05 and a beta of 1.27. Flowserve Corporation has a twelve month low of $37.34 and a twelve month high of $65.08.

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. Flowserve had a return on equity of 18.25% and a net margin of 6.28%.The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.22 billion. On average, analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, September 26th. Flowserve’s dividend payout ratio is currently 38.01%.

Insider Activity at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value of $532,200.00. Following the transaction, the insider directly owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.76% of the company’s stock.

Analyst Upgrades and Downgrades

FLS has been the topic of a number of research analyst reports. Citigroup boosted their target price on Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday. The Goldman Sachs Group boosted their price objective on Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada upped their target price on Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Finally, Stifel Nicolaus upped their target price on Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $65.78.

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.