Victory Capital Management Inc. Acquires 761 Shares of Flowserve Co. (NYSE:FLS)

Posted by on Oct 23rd, 2023

Victory Capital Management Inc. grew its stake in shares of Flowserve Co. (NYSE:FLS – Free Report) by 0.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 357,173 shares of the industrial products company’s stock after buying an additional 761 shares during the period. Victory Capital Management Inc. owned 0.27% of Flowserve worth $13,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. First Manhattan CO. LLC. grew its stake in Flowserve by 682.6% during the first quarter. First Manhattan CO. LLC. now owns 900 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 785 shares in the last quarter. Quarry LP purchased a new position in shares of Flowserve during the first quarter valued at about $38,000. Harbour Investments Inc. increased its holdings in shares of Flowserve by 79.5% in the fourth quarter. Harbour Investments Inc. now owns 1,581 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 700 shares during the last quarter. Gyon Technologies Capital Management LP purchased a new stake in shares of Flowserve in the fourth quarter worth about $58,000. Finally, Exchange Traded Concepts LLC bought a new position in Flowserve during the second quarter valued at approximately $59,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Flowserve Price Performance

Shares of FLS stock opened at $37.07 on Monday. The company’s 50-day simple moving average is $38.90 and its two-hundred day simple moving average is $36.88. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.00 and a quick ratio of 1.29. Flowserve Co. has a one year low of $25.28 and a one year high of $41.01. The company has a market capitalization of $4.86 billion, a P/E ratio of 20.59, a P/E/G ratio of 0.81 and a beta of 1.57.

Flowserve (NYSE:FLS – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. Flowserve had a return on equity of 11.76% and a net margin of 5.98%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $979.68 million. During the same period in the prior year, the business posted $0.30 EPS. The firm’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, equities analysts anticipate that Flowserve Co. will post 1.98 EPS for the current year.

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, September 21st. This represents a $0.80 annualized dividend and a dividend yield of 2.16%. Flowserve’s dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLS. The Goldman Sachs Group upped their price objective on Flowserve from $34.00 to $38.00 and gave the stock a “sell” rating in a report on Thursday, August 3rd. Stifel Nicolaus increased their price objective on shares of Flowserve from $42.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price objective on shares of Flowserve in a research note on Friday, September 29th. Jefferies Financial Group upgraded shares of Flowserve from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $50.00 in a research report on Tuesday, September 26th. Finally, Citigroup assumed coverage on Flowserve in a research report on Monday, October 9th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Flowserve currently has an average rating of “Hold” and an average target price of $41.80.

Check Out Our Latest Stock Analysis on Flowserve

Flowserve Company Profile

(Free Report)

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, the Middle East, Africa, Asia Pacific, and Europe. 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, 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.

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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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