Strs Ohio Makes New Investment in Flowserve Corporation $FLS

Strs Ohio bought a new position in Flowserve Corporation (NYSE:FLS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,863 shares of the industrial products company’s stock, valued at approximately $1,703,000.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Flowserve by 0.4% during the first 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 in the last quarter. KBC Group NV boosted its position in shares of Flowserve by 4.8% during the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company’s stock valued at $277,000 after buying an additional 258 shares during the last quarter. GAMMA Investing LLC boosted its position 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 valued at $112,000 after buying an additional 481 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new position in shares of Flowserve during the first quarter valued at approximately $216,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Flowserve by 453.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 170,808 shares of the industrial products company’s stock valued at $8,402,000 after buying an additional 139,939 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Performance

Shares of FLS opened at $56.25 on Wednesday. The firm has a market cap of $7.36 billion, a PE ratio of 25.45, a PEG ratio of 1.16 and a beta of 1.29. The stock’s fifty day moving average price is $54.16 and its two-hundred day moving average price is $50.11. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. Flowserve Corporation has a 1 year low of $37.34 and a 1 year high of $65.08.

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

Flowserve Announces Dividend

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

Insider Activity

In related news, insider Kirk Wilson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was 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 in the company, valued at approximately $1,979,571.12. The trade was a 21.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.