Harbour Investments Inc. Raises Stock Holdings in Flowserve Corporation $FLS

Harbour Investments Inc. increased its position in Flowserve Corporation (NYSE:FLS) by 59.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,124 shares of the industrial products company’s stock after purchasing an additional 1,162 shares during the period. Harbour Investments Inc.’s holdings in Flowserve were worth $164,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC purchased a new stake in shares of Flowserve in the second quarter worth $25,000. Hilltop National Bank purchased a new stake in shares of Flowserve in the second quarter worth $31,000. IFP Advisors Inc grew its stake in shares of Flowserve by 1,289.6% in the second quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 619 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Flowserve by 74.5% in the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 344 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Flowserve by 71.5% in the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 429 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Down 0.6%

FLS stock opened at $51.81 on Thursday. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The business’s 50-day moving average is $53.62 and its two-hundred day moving average is $50.78. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10. The company has a market cap of $6.78 billion, a price-to-earnings ratio of 23.44, a P/E/G ratio of 1.07 and a beta of 1.27.

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

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Friday, September 26th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. Flowserve’s dividend payout ratio is currently 38.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada increased their target price 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 raised Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus increased their target price on Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Citigroup increased their target price on Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Finally, The Goldman Sachs Group upped their price target on Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Flowserve presently has a consensus rating of “Buy” and an average target price of $65.88.

Insiders Place Their Bets

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total value of $532,200.00. Following the transaction, the insider owned 37,196 shares of the company’s stock, valued at approximately $1,979,571.12. This represents a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.