VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.30 Million in Flowserve Corporation $FLS

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Flowserve Corporation (NYSE:FLS) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 43,928 shares of the industrial products company’s stock, valued at approximately $2,300,000.

Other hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC bought a new position in Flowserve during the second quarter valued at approximately $25,000. Hilltop National Bank acquired 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 boosted its stake in Flowserve by 74.5% during the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock worth $42,000 after buying an additional 344 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock worth $50,000 after buying an additional 429 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on FLS. Wall Street Zen raised Flowserve from a “buy” rating to a “strong-buy” rating in a report on Friday, October 3rd. Royal Bank Of Canada boosted their price objective on Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. The Goldman Sachs Group boosted their price objective on Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Stifel Nicolaus upped their price target on Flowserve from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Citigroup increased their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $65.88.

Flowserve Stock Up 1.9%

FLS opened at $52.18 on Wednesday. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $65.08. The stock’s fifty day simple moving average is $53.66 and its 200 day simple moving average is $50.78. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $6.82 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 1.05 and a beta of 1.27.

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

Flowserve Announces Dividend

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

Insider Transactions at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction of $532,200.00. Following the completion of the sale, the insider owned 37,196 shares in the company, valued at $1,979,571.12. The trade was a 21.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.72% 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.