Mengis Capital Management Inc. Invests $1.68 Million in Flowserve Corp (NYSE:FLS)
Mengis Capital Management Inc. purchased a new position in Flowserve Corp (NYSE:FLS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,880 shares of the industrial products company’s stock, valued at approximately $1,679,000.
A number of other large investors have also bought and sold shares of the stock. Valeo Financial Advisors LLC raised its position in Flowserve by 1,211.5% during the second quarter. Valeo Financial Advisors LLC now owns 682 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 630 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Flowserve in the fourth quarter worth about $128,000. Bluestein R H & Co. purchased a new position in shares of Flowserve in the first quarter worth about $203,000. Synovus Financial Corp increased its holdings in shares of Flowserve by 16.7% in the first quarter. Synovus Financial Corp now owns 4,558 shares of the industrial products company’s stock worth $207,000 after buying an additional 651 shares during the period. Finally, Cubic Asset Management LLC purchased a new position in shares of Flowserve in the first quarter worth about $207,000. 98.51% of the stock is owned by institutional investors.
Shares of NYSE:FLS opened at $50.56 on Tuesday. Flowserve Corp has a 1 year low of $35.88 and a 1 year high of $56.86. The stock has a market cap of $6.63 billion, a P/E ratio of 28.89, a PEG ratio of 1.51 and a beta of 1.62. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.57 and a current ratio of 2.17. The firm’s 50-day simple moving average is $51.45.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 21st were given a dividend of $0.19 per share. The ex-dividend date was Thursday, June 20th. This represents a $0.76 annualized dividend and a yield of 1.50%. Flowserve’s payout ratio is 43.43%.
Several research analysts have recently commented on the company. Citigroup set a $12.00 price objective on Avaya and gave the stock a “hold” rating in a report on Monday, July 8th. ValuEngine downgraded Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Stifel Nicolaus set a $113.00 price objective on Neurocrine Biosciences and gave the stock a “buy” rating in a report on Monday, July 15th. Morgan Stanley lifted their price objective on Williams-Sonoma from $52.00 to $56.00 and gave the stock an “underweight” rating in a report on Wednesday, July 10th. Finally, Zacks Investment Research upgraded HANNOVER RUECK/S from a “sell” rating to a “hold” rating in a report on Friday, May 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. Flowserve currently has an average rating of “Hold” and an average target price of $50.08.
In other Flowserve news, insider John Lenander sold 5,761 shares of Flowserve stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $49.32, for a total transaction of $284,132.52. Following the sale, the insider now directly owns 16,568 shares of the company’s stock, valued at approximately $817,133.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.
Flowserve Company Profile
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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