Allspring Global Investments Holdings LLC Purchases 99,766 Shares of Flowserve Corporation $FLS

Allspring Global Investments Holdings LLC lifted its position in shares of Flowserve Corporation (NYSE:FLS) by 58.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 270,574 shares of the industrial products company’s stock after purchasing an additional 99,766 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Flowserve were worth $14,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in FLS. TD Private Client Wealth LLC bought a new position in Flowserve during the 2nd quarter worth $25,000. Hilltop National Bank bought a new position in Flowserve during the 2nd quarter worth $31,000. IFP Advisors Inc increased its stake in Flowserve by 1,289.6% during the 2nd quarter. IFP Advisors Inc now owns 667 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 619 shares during the period. Parallel Advisors LLC increased its stake in Flowserve by 74.5% during the 2nd quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 344 shares during the period. Finally, Signaturefd LLC increased its stake in Flowserve by 71.5% during the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 429 shares during the period. Institutional investors own 93.93% of the company’s stock.

Flowserve Trading Up 0.3%

Shares of FLS stock opened at $50.56 on Friday. The stock’s fifty day moving average price is $53.70 and its two-hundred day moving average price is $50.63. The company has a market cap of $6.61 billion, a PE ratio of 22.88, a P/E/G ratio of 1.03 and a beta of 1.27. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.50 and a current ratio of 2.10.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%.The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. Equities analysts predict that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Friday, September 26th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 26th. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. Flowserve’s dividend payout ratio (DPR) is 38.01%.

Insider Buying and Selling at Flowserve

In related news, insider Kirk Wilson sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $53.22, for a total transaction of $532,200.00. Following the sale, the insider owned 37,196 shares of the company’s stock, valued at $1,979,571.12. This trade represents a 21.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.76% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on FLS. Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Stifel Nicolaus raised their price objective on Flowserve from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Royal Bank Of Canada raised their price objective on Flowserve from $64.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flowserve in a report on Wednesday, October 8th. Finally, Citigroup raised their target price on Flowserve from $58.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.88.

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.