Connective Portfolio Management LLC Invests $1.56 Million in Flowserve Co. (NYSE:FLS)

Connective Portfolio Management LLC acquired a new stake in shares of Flowserve Co. (NYSE:FLS) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 27,190 shares of the industrial products company’s stock, valued at approximately $1,564,000. Flowserve comprises 2.3% of Connective Portfolio Management LLC’s portfolio, making the stock its 16th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock valued at $201,685,000 after acquiring an additional 37,132 shares during the period. AQR Capital Management LLC raised its stake in Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after purchasing an additional 663,631 shares during the period. Earnest Partners LLC lifted its holdings in Flowserve by 4.8% in the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after purchasing an additional 121,873 shares in the last quarter. Millennium Management LLC boosted its stake in Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after purchasing an additional 1,596,429 shares during the period. Finally, Thrivent Financial for Lutherans grew its holdings in Flowserve by 1.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after buying an additional 44,039 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on FLS shares. Mizuho boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. The Goldman Sachs Group raised shares of Flowserve from a “sell” rating to a “neutral” rating and raised their target price for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Robert W. Baird lifted their price objective 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. Royal Bank of Canada raised shares of Flowserve from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Finally, Jefferies Financial Group initiated coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average target price of $64.30.

Flowserve Trading Up 1.6 %

NYSE:FLS opened at $60.64 on Thursday. 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 firm has a 50-day simple moving average of $59.69 and a 200-day simple moving average of $53.29. Flowserve Co. has a one year low of $39.37 and a one year high of $62.32. The firm has a market cap of $7.97 billion, a P/E ratio of 30.02, a P/E/G ratio of 1.46 and a beta of 1.41.

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

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.21 dividend. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a yield of 1.39%. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

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.