Seven Eight Capital LP Takes Position in Flowserve Co. (NYSE:FLS)

Seven Eight Capital LP purchased a new position in shares of Flowserve Co. (NYSE:FLS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,914 shares of the industrial products company’s stock, valued at approximately $284,000.

A number of other hedge funds have also recently added to or reduced their stakes in FLS. Norges Bank purchased a new stake in shares of Flowserve during the fourth quarter worth about $59,261,000. Silvercrest Asset Management Group LLC acquired a new position in shares of Flowserve during the first quarter valued at approximately $41,413,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve in the second quarter valued at approximately $37,100,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Flowserve by 5,256.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after acquiring an additional 600,866 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Flowserve in the fourth quarter worth approximately $22,321,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FLS has been the topic of several recent research reports. TD Cowen lifted their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada raised their target price on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 31st. Robert W. Baird upped their price target on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Finally, Bank of America increased their price target on Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.11.

Flowserve Price Performance

FLS stock opened at $48.60 on Tuesday. The business’s 50-day moving average is $47.95 and its two-hundred day moving average is $47.56. 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 $6.40 billion, a P/E ratio of 27.46, a P/E/G ratio of 1.09 and a beta of 1.39. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $52.09.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. Analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current fiscal 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 paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.73%. Flowserve’s dividend payout ratio is presently 47.46%.

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.