Freemont Management S.A. Takes Position in Flowserve Co. (NYSE:FLS)

Freemont Management S.A. purchased a new position in Flowserve Co. (NYSE:FLS) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 51,603 shares of the industrial products company’s stock, valued at approximately $2,482,000. Flowserve makes up 1.2% of Freemont Management S.A.’s portfolio, making the stock its 17th biggest holding.

A number of other large investors also recently bought and sold shares of the business. Eaton Financial Holdings Company LLC bought a new position in shares of Flowserve during the fourth quarter valued at $2,169,000. RBA Wealth Management LLC bought a new stake in shares of Flowserve during the first quarter valued at approximately $3,112,000. Susquehanna Fundamental Investments LLC purchased a new stake in Flowserve during the 1st quarter valued at $3,808,000. Hennessy Advisors Inc. increased its holdings in shares of Flowserve by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company’s stock worth $28,226,000 after purchasing an additional 76,400 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Flowserve by 541.1% in the first quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock worth $20,616,000 after purchasing an additional 350,889 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Price Performance

Shares of FLS stock traded up $0.45 on Monday, reaching $45.96. The company’s stock had a trading volume of 21,196 shares, compared to its average volume of 1,010,592. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The stock’s fifty day simple moving average is $48.10 and its 200-day simple moving average is $47.22. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $52.09.

Flowserve (NYSE:FLS) last released its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the company posted $0.52 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts forecast that Flowserve Co. will post 2.76 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued 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 payout ratio is presently 47.46%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Bank of America boosted their target price on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird lifted their target price on shares of Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. TD Cowen increased their price target on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada raised their target price on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Flowserve currently has an average rating of “Moderate Buy” and an average target price of $56.11.

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.