Quest Partners LLC Takes Position in Flowserve Co. (NYSE:FLS)

Quest Partners LLC purchased a new position in shares of Flowserve Co. (NYSE:FLS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,328 shares of the industrial products company’s stock, valued at approximately $714,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Flowserve by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,260,754 shares of the industrial products company’s stock worth $527,380,000 after buying an additional 71,320 shares during the last quarter. Wellington Management Group LLP lifted its position in Flowserve by 2.5% in the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock valued at $403,065,000 after purchasing an additional 246,636 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Flowserve by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after purchasing an additional 157,125 shares in the last quarter. Norges Bank purchased a new stake in Flowserve in the 4th quarter valued at approximately $59,261,000. Finally, Gabelli Funds LLC increased its position in Flowserve by 0.3% during the 3rd quarter. Gabelli Funds LLC now owns 1,296,034 shares of the industrial products company’s stock worth $51,543,000 after purchasing an additional 3,540 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Price Performance

Shares of Flowserve stock traded down $0.43 during trading on Wednesday, hitting $49.98. 107,883 shares of the company were exchanged, compared to its average volume of 1,090,915. Flowserve Co. has a fifty-two week low of $32.49 and a fifty-two week high of $50.49. The company has a quick ratio of 1.28, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. The firm has a 50 day moving average price of $47.02 and a 200 day moving average price of $42.69. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 28.49, a P/E/G ratio of 1.30 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, equities analysts expect that Flowserve Co. will post 2.64 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.68%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analyst Weigh In

FLS has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price target on Flowserve from $43.00 to $46.00 and gave the company a “sector perform” rating in a research note on Thursday, February 22nd. Stifel Nicolaus boosted their target price on shares of Flowserve from $53.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Robert W. Baird increased their price target on shares of Flowserve from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Citigroup boosted their price objective on shares of Flowserve from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, UBS Group increased their target price on shares of Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.55.

Flowserve Company 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.