Wolverine Asset Management LLC Lowers Holdings in Flowserve Co. (NYSE:FLS)

Wolverine Asset Management LLC lessened its holdings in Flowserve Co. (NYSE:FLS - Free Report) by 78.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,000 shares of the industrial products company's stock after selling 59,000 shares during the period. Wolverine Asset Management LLC's holdings in Flowserve were worth $770,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Natixis Advisors LLC lifted its stake in Flowserve by 266.4% during the 2nd quarter. Natixis Advisors LLC now owns 70,865 shares of the industrial products company's stock valued at $3,409,000 after acquiring an additional 51,526 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Flowserve in the second quarter valued at about $34,000. Commonwealth Equity Services LLC lifted its position in shares of Flowserve by 5.8% during the second quarter. Commonwealth Equity Services LLC now owns 10,466 shares of the industrial products company's stock valued at $503,000 after purchasing an additional 578 shares in the last quarter. Signaturefd LLC boosted its holdings in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company's stock worth $27,000 after purchasing an additional 370 shares during the last quarter. Finally, Peregrine Capital Management LLC grew its position in Flowserve by 1.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 169,082 shares of the industrial products company's stock worth $8,133,000 after purchasing an additional 2,189 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Wall Street Analysts Forecast Growth

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

Flowserve Stock Performance

FLS traded down $0.75 during trading hours on Thursday, hitting $46.58. The stock had a trading volume of 471,797 shares, compared to its average volume of 1,017,408. Flowserve Co. has a 1 year low of $35.31 and a 1 year high of $52.09. The company's fifty day simple moving average is $48.18 and its 200 day simple moving average is $47.14. The stock has a market cap of $6.13 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 1.19 and a beta of 1.42. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Friday, September 27th. Flowserve's dividend payout ratio (DPR) is presently 47.46%.

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.