Point72 Asset Management L.P. Boosts Stock Holdings in Flowserve Co. (NYSE:FLS)

Point72 Asset Management L.P. raised its position in shares of Flowserve Co. (NYSE:FLS) by 1,137.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 306,852 shares of the industrial products company’s stock after purchasing an additional 282,052 shares during the period. Point72 Asset Management L.P. owned 0.23% of Flowserve worth $14,760,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in FLS. Millennium Management LLC grew its stake in shares of Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after acquiring an additional 1,596,429 shares during the period. Silvercrest Asset Management Group LLC bought a new position in Flowserve during the first quarter worth about $41,413,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve in the second quarter worth about $37,100,000. AQR Capital Management LLC raised its position in shares of Flowserve by 31.8% in the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after purchasing an additional 663,631 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised 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 purchasing an additional 600,866 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Flowserve Price Performance

FLS opened at $51.69 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $53.86. The stock’s 50 day simple moving average is $48.08 and its 200 day simple moving average is $47.84. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 1.16 and a beta of 1.39.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The business had revenue of $1.16 billion during 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%. Flowserve’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 EPS. As a group, analysts predict that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is currently 47.46%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FLS shares. TD Cowen lifted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Bank of America reiterated a “buy” rating and set a $60.00 price objective on shares of Flowserve in a research note on Tuesday, September 24th. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. 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, Stifel Nicolaus boosted their price objective on shares of Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.88.

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.