Oak Thistle LLC Purchases Shares of 11,941 Flowserve Co. (NYSE:FLS)

Oak Thistle LLC acquired a new position in shares of Flowserve Co. (NYSE:FLS) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,941 shares of the industrial products company’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLS. Envestnet Asset Management Inc. grew its holdings in Flowserve by 227.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 199,476 shares of the industrial products company’s stock valued at $7,933,000 after buying an additional 138,517 shares during the period. Invesco Ltd. increased its position in Flowserve by 57.6% during the third quarter. Invesco Ltd. now owns 363,270 shares of the industrial products company’s stock worth $14,447,000 after purchasing an additional 132,708 shares during the last quarter. Stifel Financial Corp raised its stake in Flowserve by 38.0% during the third quarter. Stifel Financial Corp now owns 89,606 shares of the industrial products company’s stock worth $3,563,000 after purchasing an additional 24,678 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Flowserve by 6.0% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 7,240 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 409 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of Flowserve by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 57,444 shares of the industrial products company’s stock valued at $2,285,000 after buying an additional 290 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Down 2.6 %

NYSE FLS traded down $1.25 during trading hours on Monday, reaching $46.85. 884,253 shares of the company traded hands, compared to its average volume of 1,076,888. The stock has a market capitalization of $6.17 billion, a PE ratio of 26.47, a PEG ratio of 1.24 and a beta of 1.42. The company has a current ratio of 1.88, a quick ratio of 1.28 and a debt-to-equity ratio of 0.58. Flowserve Co. has a 12 month low of $35.31 and a 12 month high of $50.49. The company has a 50 day moving average of $48.28 and a two-hundred day moving average of $44.72.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, April 29th. The industrial products company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts expect that Flowserve Co. will post 2.66 earnings per share for the current year.

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Analyst Ratings Changes

FLS has been the topic of a number of research reports. StockNews.com upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 12th. Mizuho reissued a “buy” rating and issued a $53.00 price objective (up previously from $50.00) on shares of Flowserve in a research report on Wednesday, May 1st. Stifel Nicolaus raised their target price on shares of Flowserve from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. TD Cowen raised their price objective on Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, UBS Group raised their target price on Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.55.

Insiders Place Their Bets

In other news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total value of $2,112,604.62. Following the transaction, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

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.