Silvercrest Asset Management Group LLC Makes New Investment in Flowserve Co. (NYSE:FLS)

Silvercrest Asset Management Group LLC acquired a new stake in shares of Flowserve Co. (NYSE:FLS) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 906,590 shares of the industrial products company’s stock, valued at approximately $41,413,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Flowserve by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after purchasing an additional 144,704 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Flowserve by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after purchasing an additional 157,125 shares during the last quarter. Norges Bank bought a new position in shares of Flowserve during the 4th quarter valued at about $59,261,000. Gabelli Funds LLC boosted its holdings in shares of Flowserve by 1.3% during the 1st quarter. Gabelli Funds LLC now owns 1,283,016 shares of the industrial products company’s stock valued at $58,608,000 after purchasing an additional 16,500 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Flowserve by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,259,002 shares of the industrial products company’s stock valued at $51,896,000 after purchasing an additional 24,449 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Price Performance

FLS stock traded down $1.88 during mid-day trading on Tuesday, reaching $49.01. The company’s stock had a trading volume of 929,364 shares, compared to its average volume of 1,049,140. The stock has a market cap of $6.45 billion, a PE ratio of 27.67, a P/E/G ratio of 1.32 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 fifty-two week low of $35.31 and a fifty-two week high of $52.09. The company’s 50 day moving average is $48.57 and its two-hundred day moving average is $45.91.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts expect that Flowserve Co. will post 2.66 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.71%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FLS. Robert W. Baird increased their price target on shares of Flowserve from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Monday. Bank of America increased their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. UBS Group increased their price target on shares of Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, TD Cowen increased their price target on shares of Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.09.

Insider Activity

In other news, CEO Robert Scott Rowe sold 42,269 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 407,243 shares of the company’s stock, valued at approximately $20,354,005.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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.