Intact Investment Management Inc. Makes New $659,000 Investment in Flowserve Corporation $FLS

Intact Investment Management Inc. acquired a new stake in Flowserve Corporation (NYSE:FLS) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 12,400 shares of the industrial products company’s stock, valued at approximately $659,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC raised its holdings in Flowserve by 4.8% in the second quarter. Janney Montgomery Scott LLC now owns 36,039 shares of the industrial products company’s stock worth $1,887,000 after purchasing an additional 1,667 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Flowserve by 67.1% in the 3rd quarter. D.A. Davidson & CO. now owns 34,914 shares of the industrial products company’s stock valued at $1,855,000 after buying an additional 14,025 shares during the period. Paradice Investment Management LLC bought a new stake in shares of Flowserve in the 3rd quarter valued at $17,970,000. Massachusetts Financial Services Co. MA raised its stake in Flowserve by 104.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,333,481 shares of the industrial products company’s stock worth $230,281,000 after buying an additional 2,213,406 shares during the period. Finally, Brian Low Financial Group LLC acquired a new stake in Flowserve during the 3rd quarter worth $1,007,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Down 0.2%

Flowserve stock opened at $77.74 on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.54 and a debt-to-equity ratio of 0.62. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $78.84. The company has a fifty day simple moving average of $71.98 and a 200 day simple moving average of $61.64. The company has a market cap of $9.88 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 1.39 and a beta of 1.29.

Flowserve (NYSE:FLS) last released its earnings results on Tuesday, October 28th. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Flowserve had a return on equity of 19.41% and a net margin of 9.66%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the company posted $0.62 earnings per share. Flowserve’s revenue was up 3.6% on a year-over-year basis. Research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Friday, December 26th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, December 26th. Flowserve’s payout ratio is presently 24.42%.

Wall Street Analyst Weigh In

FLS has been the subject of a number of research analyst reports. Jefferies Financial Group increased their price target on Flowserve from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, December 10th. Bank of America reiterated a “neutral” rating and issued a $73.00 price objective (up from $60.00) on shares of Flowserve in a research report on Friday, November 14th. Mizuho raised their target price on shares of Flowserve from $60.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 5th. UBS Group lifted their price target on shares of Flowserve from $65.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $83.00 price objective on shares of Flowserve in a research report on Thursday, January 15th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Flowserve has an average rating of “Moderate Buy” and an average target price of $79.90.

Insiders Place Their Bets

In other Flowserve news, insider Susan Claire Hudson sold 10,667 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $70.01, for a total value of $746,796.67. Following the completion of the sale, the insider owned 6,589 shares in the company, valued at $461,295.89. This trade represents a 61.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy B. Schwetz sold 47,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $71.02, for a total transaction of $3,337,940.00. Following the transaction, the chief financial officer owned 52,628 shares in the company, valued at $3,737,640.56. This represents a 47.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 59,276 shares of company stock valued at $4,196,578. 0.72% of the stock is currently owned by corporate insiders.

Flowserve Profile

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.