Oliver Luxxe Assets LLC Purchases New Stake in Flowserve Co. (NYSE:FLS)

Oliver Luxxe Assets LLC purchased a new stake in shares of Flowserve Co. (NYSE:FLS) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 47,864 shares of the industrial products company’s stock, valued at approximately $2,753,000.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in Flowserve by 1.0% in the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after buying an additional 37,132 shares in the last quarter. Vestcor Inc bought a new stake in shares of Flowserve during the third quarter valued at approximately $714,000. Stifel Financial Corp grew its stake in Flowserve by 14.0% in the third quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company’s stock worth $12,619,000 after purchasing an additional 29,979 shares during the period. Millennium Management LLC raised its holdings in Flowserve by 155.2% in the second 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 in the last quarter. Finally, Algert Global LLC lifted its position in Flowserve by 130.3% during the third quarter. Algert Global LLC now owns 109,079 shares of the industrial products company’s stock valued at $5,638,000 after buying an additional 61,710 shares during the period. Institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 0.0 %

Shares of NYSE:FLS opened at $64.26 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. Flowserve Co. has a 1 year low of $39.69 and a 1 year high of $65.08. The company has a market cap of $8.44 billion, a P/E ratio of 31.81, a PEG ratio of 1.31 and a beta of 1.42. The stock’s fifty day moving average price is $60.07 and its 200-day moving average price is $53.87.

Flowserve (NYSE:FLS) last announced its quarterly 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). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the business earned $0.50 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. Sell-side analysts expect that Flowserve Co. will post 2.7 earnings per share for the current year.

Flowserve Dividend Announcement

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 dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.31%. Flowserve’s dividend payout ratio is presently 41.58%.

Analyst Ratings Changes

Several research analysts recently issued reports on FLS shares. Citigroup decreased their price target on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Stifel Nicolaus raised their target price on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. TD Cowen lifted their target price on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Mizuho upped their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.10.

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.