Envestnet Asset Management Inc. Acquires 27,818 Shares of Flowserve Co. (NYSE:FLS)

Envestnet Asset Management Inc. increased its position in shares of Flowserve Co. (NYSE:FLS) by 13.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,039 shares of the industrial products company’s stock after acquiring an additional 27,818 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of Flowserve worth $11,546,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its position in shares of Flowserve by 10.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 47,869 shares of the industrial products company’s stock worth $2,302,000 after purchasing an additional 4,485 shares during the period. TradeLink Capital LLC acquired a new position in Flowserve in the second quarter valued at $216,000. American Century Companies Inc. lifted its holdings in Flowserve by 58.3% in the second quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock valued at $1,962,000 after buying an additional 15,029 shares during the period. AGF Management Ltd. boosted its position in Flowserve by 311.4% during the second quarter. AGF Management Ltd. now owns 47,230 shares of the industrial products company’s stock valued at $2,272,000 after acquiring an additional 35,749 shares during the last quarter. Finally, Freemont Management S.A. acquired a new position in shares of Flowserve in the 2nd quarter valued at about $2,482,000. Institutional investors own 93.93% of the company’s stock.

Flowserve Trading Up 0.0 %

Shares of NYSE:FLS opened at $52.16 on Thursday. The business has a 50-day moving average price of $47.98 and a 200-day moving average price of $47.65. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 1.16 and a beta of 1.39. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $53.86.

Flowserve (NYSE:FLS) last released its quarterly earnings data 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. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. Equities analysts predict that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.61%. Flowserve’s payout ratio is 47.46%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FLS shares. TD Cowen boosted their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Bank of America reiterated a “buy” rating and issued a $60.00 target price on shares of Flowserve in a report on Tuesday. Stifel Nicolaus boosted their price target on shares of Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. 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. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.