Mackenzie Financial Corp Makes New Investment in Flowserve Co. (NYSE:FLS)

Mackenzie Financial Corp purchased a new stake in shares of Flowserve Co. (NYSE:FLS) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 9,603 shares of the industrial products company’s stock, valued at approximately $462,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Nova Scotia purchased a new position in Flowserve in the 4th quarter worth approximately $1,096,000. Nomura Holdings Inc. bought a new position in Flowserve in the fourth quarter valued at $6,384,000. Nebula Research & Development LLC purchased a new stake in Flowserve during the fourth quarter valued at about $1,450,000. Cubist Systematic Strategies LLC raised its holdings in shares of Flowserve by 717.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 394,975 shares of the industrial products company’s stock valued at $16,281,000 after buying an additional 346,651 shares in the last quarter. Finally, Raleigh Capital Management Inc. lifted its position in Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after buying an additional 596 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Up 0.9 %

Shares of NYSE:FLS opened at $52.69 on Friday. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $53.86. 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 stock’s 50-day moving average is $48.25 and its 200 day moving average is $48.03. The company has a market cap of $6.94 billion, a PE ratio of 29.77, a P/E/G ratio of 1.16 and a beta of 1.39.

Flowserve (NYSE:FLS) last announced its 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. Sell-side analysts anticipate that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Announces Dividend

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 given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

Analysts Set New Price Targets

FLS has been the topic of several research reports. Royal Bank of Canada lifted their price target 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. 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 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 report on Wednesday, July 31st. TD Cowen boosted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America restated a “buy” rating and set a $60.00 price target on shares of Flowserve in a research report on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.