Lecap Asset Management Ltd. Sells 21,044 Shares of Flowserve Co. (NYSE:FLS)

Lecap Asset Management Ltd. decreased its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 55.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,862 shares of the industrial products company's stock after selling 21,044 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Flowserve were worth $811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Eaton Financial Holdings Company LLC bought a new stake in shares of Flowserve during the 4th quarter valued at $2,169,000. RBA Wealth Management LLC purchased a new stake in shares of Flowserve in the first quarter worth about $3,112,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Flowserve in the first quarter worth about $3,808,000. Hennessy Advisors Inc. boosted its position in shares of Flowserve by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company's stock valued at $28,226,000 after acquiring an additional 76,400 shares during the period. Finally, National Bank of Canada FI increased its holdings in Flowserve by 541.1% during the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company's stock worth $20,616,000 after acquiring an additional 350,889 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Trading Up 1.4 %

FLS stock traded up $0.68 during midday trading on Wednesday, hitting $47.93. The company had a trading volume of 440,352 shares, compared to its average volume of 1,040,372. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 1.19 and a beta of 1.42. Flowserve Co. has a 52 week low of $35.31 and a 52 week high of $52.09. The company has a current ratio of 2.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.60. The stock's 50 day moving average price is $47.95 and its 200 day moving average price is $46.63.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly 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. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the business posted $0.52 EPS. The firm's revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts expect that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.75%. Flowserve's dividend payout ratio is presently 47.46%.

Analyst Ratings Changes

FLS has been the subject of several analyst reports. Mizuho reissued a "buy" rating and issued a $53.00 price target (up from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. TD Cowen boosted their target price on Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Bank of America raised their price target on Flowserve from $57.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, July 30th. StockNews.com cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th. Finally, Citigroup increased their price target on shares of Flowserve from $56.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.11.

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.

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