National Bank of Canada FI Sells 409,654 Shares of Flowserve Co. (NYSE:FLS)

National Bank of Canada FI lessened its position in shares of Flowserve Co. (NYSE:FLS) by 98.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,078 shares of the industrial products company’s stock after selling 409,654 shares during the period. National Bank of Canada FI’s holdings in Flowserve were worth $284,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Signaturefd LLC boosted its stake in shares of Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares in the last quarter. nVerses Capital LLC bought a new position in Flowserve in the second quarter valued at about $34,000. YHB Investment Advisors Inc. acquired a new stake in shares of Flowserve during the first quarter valued at about $36,000. GAMMA Investing LLC grew its holdings in shares of Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the last quarter. Finally, Raleigh Capital Management Inc. increased its stake in shares of Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after buying an additional 596 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Performance

Shares of Flowserve stock opened at $46.64 on Friday. The business has a 50-day simple moving average of $47.98 and a 200 day simple moving average of $47.25. Flowserve Co. has a one year low of $35.31 and a one year high of $52.09. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of 26.35, a PEG ratio of 1.09 and a beta of 1.39.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. Flowserve’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

Wall Street Analyst Weigh In

FLS has been the topic of a number of research reports. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus raised their target price on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada increased their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 31st. Robert W. Baird lifted their price objective on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Finally, TD Cowen increased their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.11.

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.