Veracity Capital LLC Has $577,000 Stock Position in Flowserve Co. (NYSE:FLS)

Veracity Capital LLC reduced its stake in shares of Flowserve Co. (NYSE:FLS) by 25.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,636 shares of the industrial products company’s stock after selling 4,306 shares during the quarter. Veracity Capital LLC’s holdings in Flowserve were worth $577,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FLS. Envestnet Asset Management Inc. grew its holdings in shares of Flowserve by 227.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 199,476 shares of the industrial products company’s stock worth $7,933,000 after purchasing an additional 138,517 shares in the last quarter. Invesco Ltd. raised its position in shares of Flowserve by 57.6% during the third quarter. Invesco Ltd. now owns 363,270 shares of the industrial products company’s stock worth $14,447,000 after acquiring an additional 132,708 shares during the last quarter. Stifel Financial Corp raised its position in shares of Flowserve by 38.0% during the third quarter. Stifel Financial Corp now owns 89,606 shares of the industrial products company’s stock worth $3,563,000 after acquiring an additional 24,678 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Flowserve by 6.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 7,240 shares of the industrial products company’s stock worth $288,000 after acquiring an additional 409 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of Flowserve by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 57,444 shares of the industrial products company’s stock worth $2,285,000 after acquiring an additional 290 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Cowen raised their price objective on Flowserve from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Robert W. Baird lifted their target price on Flowserve from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Citigroup lifted their target price on Flowserve from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Stifel Nicolaus lifted their target price on Flowserve from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, Mizuho reiterated a “buy” rating and issued a $53.00 target price (up from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong 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 $51.55.

Flowserve Stock Up 0.0 %

Shares of NYSE:FLS traded up $0.02 during mid-day trading on Thursday, hitting $47.53. 508,595 shares of the company traded hands, compared to its average volume of 903,151. The stock has a market cap of $6.26 billion, a P/E ratio of 26.85, a P/E/G ratio of 1.23 and a beta of 1.42. The company has a current ratio of 1.88, a quick ratio of 1.28 and a debt-to-equity ratio of 0.58. Flowserve Co. has a 12-month low of $35.31 and a 12-month high of $50.49. The stock has a 50-day moving average price of $48.33 and a two-hundred day moving average price of $44.81.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. On average, equities research analysts forecast that Flowserve Co. will post 2.66 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.21 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.84 annualized dividend and a yield of 1.77%. Flowserve’s dividend payout ratio is currently 47.46%.

Insiders Place Their Bets

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the transaction, the chief executive officer now owns 407,243 shares of the company’s stock, valued at $20,354,005.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

About Flowserve

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.