Panagora Asset Management Inc. Grows Stock Holdings in Flowserve Co. (NYSE:FLS)

Panagora Asset Management Inc. boosted its position in Flowserve Co. (NYSE:FLS - Free Report) by 3,332.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 196,637 shares of the industrial products company's stock after purchasing an additional 190,908 shares during the quarter. Panagora Asset Management Inc. owned about 0.15% of Flowserve worth $9,458,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Moody National Bank Trust Division boosted its holdings in shares of Flowserve by 2.8% during the 1st quarter. Moody National Bank Trust Division now owns 9,495 shares of the industrial products company's stock worth $434,000 after purchasing an additional 259 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Flowserve by 0.7% in the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company's stock valued at $2,127,000 after acquiring an additional 305 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Flowserve by 7.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company's stock worth $286,000 after purchasing an additional 426 shares during the period. Retirement Systems of Alabama raised its holdings in Flowserve by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company's stock valued at $7,526,000 after buying an additional 433 shares during the period. Finally, ABLE Financial Group LLC boosted its stake in Flowserve by 3.5% during the second quarter. ABLE Financial Group LLC now owns 16,087 shares of the industrial products company's stock worth $774,000 after buying an additional 547 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Stock Up 0.8 %

Flowserve stock traded up $0.40 during midday trading on Friday, reaching $49.88. The company's stock had a trading volume of 927,875 shares, compared to its average volume of 1,023,986. The business has a 50-day simple moving average of $48.17 and a 200-day simple moving average of $47.02. The company has a market cap of $6.57 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.19 and a beta of 1.42. Flowserve Co. has a fifty-two week low of $35.31 and a fifty-two week high of $52.09. The company has a quick ratio of 1.28, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.10. The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, research analysts expect that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.68%. Flowserve's dividend payout ratio is currently 47.46%.

Analysts Set New Price Targets

Several equities analysts have recently commented on FLS shares. StockNews.com lowered shares of Flowserve from a "strong-buy" rating to a "buy" rating in a report on Thursday, August 8th. Stifel Nicolaus boosted their price target on shares of Flowserve from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their price objective on Flowserve from $50.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 31st. Bank of America increased their price objective on Flowserve from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. Finally, TD Cowen upped their price target on Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $56.11.

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.