Gallacher Capital Management LLC Takes $712,000 Position in Flowserve Corporation $FLS

Gallacher Capital Management LLC purchased a new stake in Flowserve Corporation (NYSE:FLS) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 13,404 shares of the industrial products company’s stock, valued at approximately $712,000.

Several other large investors have also recently made changes to their positions in FLS. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Flowserve by 0.5% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 44,128 shares of the industrial products company’s stock valued at $2,345,000 after buying an additional 200 shares during the period. KLP Kapitalforvaltning AS raised its stake in shares of Flowserve by 0.7% in the third quarter. KLP Kapitalforvaltning AS now owns 27,300 shares of the industrial products company’s stock valued at $1,456,000 after acquiring an additional 200 shares in the last quarter. KPP Advisory Services LLC boosted its stake in shares of Flowserve by 2.3% in the 2nd quarter. KPP Advisory Services LLC now owns 9,809 shares of the industrial products company’s stock valued at $514,000 after buying an additional 222 shares during the period. Arizona State Retirement System lifted its stake in Flowserve by 0.7% in the third quarter. Arizona State Retirement System now owns 38,689 shares of the industrial products company’s stock worth $2,056,000 after acquiring an additional 263 shares during the last quarter. Finally, MJP Associates Inc. ADV lifted its position in shares of Flowserve by 6.2% during the 2nd quarter. MJP Associates Inc. ADV now owns 4,580 shares of the industrial products company’s stock worth $240,000 after purchasing an additional 266 shares during the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Flowserve

In related news, insider Lamar L. Duhon sold 1,609 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $69.51, for a total value of $111,841.59. Following the transaction, the insider directly owned 15,116 shares of the company’s stock, valued at approximately $1,050,713.16. This trade represents a 9.62% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FLS has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 28th. Mizuho boosted their price target on Flowserve from $60.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Flowserve in a research report on Thursday, January 22nd. The Goldman Sachs Group boosted their target price on Flowserve from $71.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Flowserve in a research note on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.90.

Flowserve Trading Up 0.1%

Shares of FLS opened at $79.85 on Thursday. The company has a market capitalization of $10.15 billion, a PE ratio of 23.21, a price-to-earnings-growth ratio of 1.42 and a beta of 1.29. The stock has a fifty day moving average of $73.45 and a two-hundred day moving average of $62.80. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $80.90. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.54 and a current ratio of 2.10.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Friday, December 26th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, December 26th. This represents a $0.84 annualized dividend and a yield of 1.1%. Flowserve’s dividend payout ratio is 24.42%.

About Flowserve

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.