Flowserve Corporation (NYSE:FLS) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its stake in Flowserve Corporation (NYSE:FLS) by 14.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,675 shares of the industrial products company’s stock after purchasing an additional 1,598 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Flowserve were worth $619,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FLS. Envestnet Asset Management Inc. boosted its holdings in shares of Flowserve by 5.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 242,383 shares of the industrial products company’s stock valued at $13,942,000 after purchasing an additional 12,644 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of Flowserve by 23.3% in the 4th quarter. Bank of Nova Scotia now owns 12,997 shares of the industrial products company’s stock valued at $748,000 after purchasing an additional 2,457 shares during the last quarter. Advisory Services Network LLC boosted its holdings in shares of Flowserve by 23.4% in the 4th quarter. Advisory Services Network LLC now owns 5,792 shares of the industrial products company’s stock valued at $333,000 after purchasing an additional 1,097 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Flowserve in the 4th quarter valued at $14,546,000. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Flowserve by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 57,739 shares of the industrial products company’s stock valued at $3,321,000 after purchasing an additional 360 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Insider Buying and Selling

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were 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 in the company, valued at $1,979,571.12. The trade was a 21.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.

Flowserve Stock Performance

Shares of FLS stock opened at $53.20 on Wednesday. Flowserve Corporation has a 12 month low of $37.34 and a 12 month high of $65.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.10 and a quick ratio of 1.50. The firm has a market capitalization of $6.96 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.09 and a beta of 1.28. The company’s fifty day moving average price is $51.75 and its two-hundred day moving average price is $51.15.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.22 billion. On average, research analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.21 dividend. The ex-dividend date was Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. Flowserve’s payout ratio is currently 38.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FLS. Citigroup lifted their price target on shares of Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 14th. Royal Bank Of Canada lifted their target price on shares of Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Wall Street Zen upgraded shares of Flowserve from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 2nd. Robert W. Baird reduced their target price on shares of Flowserve from $71.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Finally, Stifel Nicolaus lifted 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. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Flowserve currently has an average rating of “Buy” and a consensus price target of $65.78.

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.