Wilmington Savings Fund Society FSB Makes New Investment in Flowserve Co. (NYSE:FLS)

Wilmington Savings Fund Society FSB bought a new position in Flowserve Co. (NYSE:FLS) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 561 shares of the industrial products company’s stock, valued at approximately $29,000.

A number of other hedge funds have also modified their holdings of FLS. True Wealth Design LLC purchased a new stake in shares of Flowserve in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC acquired a new stake in Flowserve during the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Flowserve during the 3rd quarter valued at about $29,000. Signaturefd LLC boosted its position in 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 purchasing an additional 370 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Stock Up 0.1 %

Shares of FLS opened at $58.09 on Tuesday. The stock has a 50 day moving average price of $58.16 and a 200 day moving average price of $52.03. Flowserve Co. has a one year low of $39.21 and a one year high of $62.32. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 28.76, a PEG ratio of 1.48 and a beta of 1.41.

Flowserve (NYSE:FLS) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. Equities research analysts forecast that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.45%. The ex-dividend date is Friday, December 27th. Flowserve’s dividend payout ratio is currently 41.58%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Robert W. Baird increased their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Mizuho lifted their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Jefferies Financial Group started coverage on Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. Finally, The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and raised their price objective for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $64.40.

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.