Flowserve Co. (NYSE:FLS) Shares Bought by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. boosted its holdings in shares of Flowserve Co. (NYSE:FLS) by 4.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 35,480 shares of the industrial products company’s stock after buying an additional 1,400 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Flowserve were worth $1,621,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. acquired a new position in Flowserve during the 4th quarter valued at about $26,000. YHB Investment Advisors Inc. acquired a new position in Flowserve during the 1st quarter valued at about $36,000. Raleigh Capital Management Inc. increased its position in Flowserve by 122.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after buying an additional 596 shares in the last quarter. TFO Wealth Partners LLC grew its stake in Flowserve by 14,663.6% during the 4th quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,613 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Flowserve during the 1st quarter valued at about $87,000. 93.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the transaction, the chief executive officer now owns 407,243 shares in the company, valued at $20,354,005.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen boosted their price target on Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Robert W. Baird boosted their price target on Flowserve from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. UBS Group boosted their price target on Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. StockNews.com upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 12th. Finally, Stifel Nicolaus boosted their price target on Flowserve from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Flowserve Stock Performance

Shares of FLS traded down $0.62 during mid-day trading on Friday, reaching $49.67. The company had a trading volume of 644,136 shares, compared to its average volume of 885,228. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $52.06. The company has a quick ratio of 1.28, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $6.54 billion, a P/E ratio of 28.06, a PEG ratio of 1.29 and a beta of 1.42. The stock has a 50 day moving average of $48.49 and a two-hundred day moving average of $45.43.

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

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.84 dividend on an annualized basis and a yield of 1.69%. Flowserve’s dividend payout ratio is currently 47.46%.

Flowserve Company 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.