GAMMA Investing LLC Cuts Position in Flowserve Corporation $FLS

GAMMA Investing LLC lowered its position in Flowserve Corporation (NYSE:FLS) by 39.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,392 shares of the industrial products company’s stock after selling 896 shares during the quarter. GAMMA Investing LLC’s holdings in Flowserve were worth $73,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Parallel Advisors LLC boosted its stake 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 valued at $42,000 after acquiring an additional 344 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Flowserve by 71.5% during 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 during the last quarter. Strengthening Families & Communities LLC acquired a new stake in shares of Flowserve during the first quarter valued at $53,000. Brooklyn Investment Group boosted its stake in Flowserve by 47.2% in the 1st quarter. Brooklyn Investment Group now owns 1,089 shares of the industrial products company’s stock worth $53,000 after buying an additional 349 shares during the last quarter. Finally, Tsfg LLC acquired a new stake in Flowserve in the 1st quarter worth about $70,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Royal Bank Of Canada raised their price target on Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Wall Street Zen lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 5th. Citigroup raised their price target on Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Stifel Nicolaus raised their price target on Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group raised their price target on Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. One equities research 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 company. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Buy” and an average price target of $65.78.

Flowserve Price Performance

FLS stock opened at $52.85 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.10 and a debt-to-equity ratio of 0.63. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. The stock’s 50 day moving average is $54.39 and its two-hundred day moving average is $50.59. The company has a market capitalization of $6.91 billion, a PE ratio of 23.91, a P/E/G ratio of 1.08 and a beta of 1.27.

Flowserve (NYSE:FLS) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The company had revenue of $1.19 billion during 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%. Analysts predict that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, September 26th. Flowserve’s payout ratio is 38.01%.

Insider Transactions at Flowserve

In other Flowserve 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 completion of the transaction, the insider 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.76% of the company’s stock.

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.