Flowserve Co. (NYSE:FLS) Shares Sold by Chesapeake Capital Corp IL

Chesapeake Capital Corp IL lowered its stake in shares of Flowserve Co. (NYSE:FLS) by 51.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 9,920 shares of the industrial products company’s stock after selling 10,497 shares during the period. Chesapeake Capital Corp IL’s holdings in Flowserve were worth $477,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Flowserve during the fourth quarter worth $59,261,000. Silvercrest Asset Management Group LLC purchased a new position in Flowserve during the 1st quarter valued at about $41,413,000. Vaughan Nelson Investment Management L.P. acquired a new position in Flowserve in the 2nd quarter valued at about $37,100,000. Wealth Enhancement Advisory Services LLC grew its position in Flowserve by 5,256.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after acquiring an additional 600,866 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in Flowserve during the fourth quarter worth about $22,321,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FLS. Robert W. Baird lifted their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus increased their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Royal Bank of Canada increased their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 31st. Finally, Bank of America raised their price objective on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.11.

Flowserve Stock Performance

Shares of FLS opened at $45.86 on Tuesday. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $52.09. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The firm has a market cap of $6.02 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The company’s 50 day simple moving average is $48.08 and its 200-day simple moving average is $47.25.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, equities analysts predict that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

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.