Flowserve Corporation $FLS Holdings Lowered by TD Asset Management Inc

TD Asset Management Inc trimmed its stake in shares of Flowserve Corporation (NYSE:FLS) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,211 shares of the industrial products company’s stock after selling 3,027 shares during the period. TD Asset Management Inc owned about 0.06% of Flowserve worth $4,094,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC purchased a new stake in shares of Flowserve during the second quarter valued at $25,000. Hilltop National Bank purchased a new stake in shares of Flowserve during the second quarter valued at $31,000. IFP Advisors Inc lifted its holdings in shares of Flowserve by 1,289.6% during the second quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 619 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Flowserve by 74.5% during the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 344 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 429 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Up 1.5%

FLS opened at $51.26 on Tuesday. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The business has a 50-day moving average of $53.69 and a 200-day moving average of $50.77. 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 company has a market capitalization of $6.70 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 1.03 and a beta of 1.27.

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

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 26th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 26th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. Flowserve’s dividend payout ratio (DPR) is 38.01%.

Insider Buying and Selling at Flowserve

In other news, insider Kirk Wilson sold 10,000 shares of the firm’s stock in a transaction dated 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 directly owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This trade represents a 21.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wall Street Zen raised Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Royal Bank Of Canada increased their price objective on Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Citigroup increased their price objective on Flowserve from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Stifel Nicolaus increased their price objective on Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Flowserve in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Flowserve has an average rating of “Buy” and an average target price of $65.88.

About Flowserve

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.