United Services Automobile Association Invests $426,000 in Flowserve Corporation $FLS

United Services Automobile Association purchased a new position in shares of Flowserve Corporation (NYSE:FLS) during the first quarter, HoldingsChannel reports. The firm purchased 8,742 shares of the industrial products company’s stock, valued at approximately $426,000.

A number of other hedge funds also recently modified their holdings of the business. Delta Investment Management LLC lifted its holdings in shares of Flowserve by 3.2% during the first quarter. Delta Investment Management LLC now owns 7,657 shares of the industrial products company’s stock worth $374,000 after purchasing an additional 237 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of Flowserve by 0.9% during the first quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company’s stock worth $1,378,000 after purchasing an additional 238 shares during the period. KBC Group NV lifted its holdings in shares of Flowserve by 4.8% during the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company’s stock worth $277,000 after purchasing an additional 258 shares during the period. Xponance Inc. lifted its holdings in shares of Flowserve by 1.8% during the first quarter. Xponance Inc. now owns 15,407 shares of the industrial products company’s stock worth $752,000 after purchasing an additional 267 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in Flowserve by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the industrial products company’s stock valued at $1,797,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. Following the completion of the transaction, the insider directly owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This represents a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FLS has been the topic of several recent analyst reports. Citigroup boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 14th. Stifel Nicolaus boosted their target price on shares of Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Wall Street Zen lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, September 5th. Finally, The Goldman Sachs Group boosted their target price on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. One investment 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, the company currently has a consensus rating of “Buy” and an average target price of $65.78.

Flowserve Trading Up 1.8%

Shares of FLS stock opened at $56.21 on Thursday. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08. 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 50-day simple moving average of $53.97 and a two-hundred day simple moving average of $50.10. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 1.13 and a beta of 1.29.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. Research analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 26th. Flowserve’s dividend payout ratio is currently 38.01%.

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.