Davis Investment Partners LLC Takes Position in Flowserve Corporation $FLS

Davis Investment Partners LLC purchased a new stake in shares of Flowserve Corporation (NYSE:FLS) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 11,923 shares of the industrial products company’s stock, valued at approximately $624,000.

Several other large investors also recently modified their holdings of the company. Parallel Advisors LLC increased its position in shares of Flowserve by 74.5% during the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock worth $42,000 after buying an additional 344 shares during the period. Michael S. Ryan Inc. grew its holdings in Flowserve by 10.7% in the second quarter. Michael S. Ryan Inc. now owns 9,248 shares of the industrial products company’s stock worth $484,000 after purchasing an additional 897 shares during the period. Voya Investment Management LLC grew its holdings in Flowserve by 63.7% in the first quarter. Voya Investment Management LLC now owns 695,513 shares of the industrial products company’s stock worth $33,969,000 after purchasing an additional 270,608 shares during the period. Inspire Investing LLC grew its holdings in Flowserve by 1.2% in the first quarter. Inspire Investing LLC now owns 45,960 shares of the industrial products company’s stock worth $2,245,000 after purchasing an additional 526 shares during the period. Finally, Strs Ohio acquired a new stake in Flowserve in the first quarter worth $1,703,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Down 0.6%

FLS opened at $56.30 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The company’s 50-day moving average is $54.02 and its 200 day moving average is $50.06. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The firm has a market capitalization of $7.36 billion, a P/E ratio of 25.48, a PEG ratio of 1.15 and a beta of 1.29.

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

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.84 annualized dividend and a yield of 1.5%. Flowserve’s payout ratio is currently 38.01%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other 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 value of $532,200.00. Following the sale, the insider owned 37,196 shares of the company’s stock, valued at $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.

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.