Fifth Third Wealth Advisors LLC Makes New Investment in Flowserve Corporation $FLS

Fifth Third Wealth Advisors LLC acquired a new position in Flowserve Corporation (NYSE:FLS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,961 shares of the industrial products company’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. KPP Advisory Services LLC raised its position in shares of Flowserve by 2.3% in the second quarter. KPP Advisory Services LLC now owns 9,809 shares of the industrial products company’s stock valued at $514,000 after purchasing an additional 222 shares during the period. Delta Investment Management LLC raised its position in shares of Flowserve by 3.2% in the first quarter. Delta Investment Management LLC now owns 7,657 shares of the industrial products company’s stock valued at $374,000 after purchasing an additional 237 shares during the period. Vontobel Holding Ltd. raised its position in shares of Flowserve by 0.9% in the first quarter. Vontobel Holding Ltd. now owns 28,222 shares of the industrial products company’s stock valued at $1,378,000 after purchasing an additional 238 shares during the period. KBC Group NV raised its position in shares of Flowserve by 4.8% in the first quarter. KBC Group NV now owns 5,676 shares of the industrial products company’s stock valued at $277,000 after purchasing an additional 258 shares during the period. Finally, Xponance Inc. raised its position in shares of Flowserve by 1.8% in the first quarter. Xponance Inc. now owns 15,407 shares of the industrial products company’s stock valued at $752,000 after purchasing an additional 267 shares during the period. Institutional investors own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price target on shares of Flowserve from $64.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Stifel Nicolaus upped their target price on shares of Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. The Goldman Sachs Group raised their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flowserve in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $65.78.

Insider Activity

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 shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the completion of the sale, the insider directly owned 37,196 shares in the company, valued at approximately $1,979,571.12. The trade was a 21.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Flowserve Stock Performance

Flowserve stock opened at $51.23 on Wednesday. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two 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 stock has a market cap of $6.70 billion, a P/E ratio of 23.18, a price-to-earnings-growth ratio of 1.03 and a beta of 1.27. The firm’s fifty day moving average price is $53.83 and its 200-day moving average price is $50.61.

Flowserve (NYSE:FLS) last posted 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 company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.22 billion. On average, equities research analysts expect that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 26th. Flowserve’s 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.