Chase Investment Counsel Corp Buys 4,583 Shares of Flowserve Co. (NYSE:FLS)

Chase Investment Counsel Corp raised its holdings in Flowserve Co. (NYSE:FLS) by 4.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 109,730 shares of the industrial products company’s stock after buying an additional 4,583 shares during the quarter. Flowserve accounts for about 1.6% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 13th largest holding. Chase Investment Counsel Corp’s holdings in Flowserve were worth $5,546,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Flowserve in the 2nd quarter valued at approximately $34,000. YHB Investment Advisors Inc. purchased a new position in shares of Flowserve in the 1st quarter valued at approximately $36,000. Raleigh Capital Management Inc. lifted its stake in shares of Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 596 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Flowserve by 166.0% in the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FLS has been the subject of a number of research analyst reports. Robert W. Baird raised their target price on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. TD Cowen raised their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Royal Bank of Canada boosted their target price on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. Stifel Nicolaus raised their price target on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Bank of America upped their price target on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $56.11.

Flowserve Stock Performance

NYSE:FLS traded down $0.48 during trading hours on Thursday, reaching $46.85. The company had a trading volume of 55,083 shares, compared to its average volume of 1,014,972. The firm’s 50 day moving average price is $48.18 and its 200-day moving average price is $47.14. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 1.19 and a beta of 1.42. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve Co. has a 52 week low of $35.31 and a 52 week high of $52.09.

Flowserve (NYSE:FLS) last posted its quarterly earnings data 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 return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. Flowserve’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, analysts forecast that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

The firm 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 dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Friday, September 27th. Flowserve’s payout ratio is currently 47.46%.

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.