RBA Wealth Management LLC Boosts Stake in Flowserve Co. (NYSE:FLS)

RBA Wealth Management LLC lifted its stake in Flowserve Co. (NYSE:FLS) by 2.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 78,776 shares of the industrial products company’s stock after acquiring an additional 1,672 shares during the quarter. Flowserve comprises approximately 1.7% of RBA Wealth Management LLC’s portfolio, making the stock its 28th largest position. RBA Wealth Management LLC’s holdings in Flowserve were worth $4,531,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in shares of Flowserve in the second quarter worth $609,000. GAMMA Investing LLC increased its stake in shares of Flowserve by 53.7% in the third quarter. GAMMA Investing LLC now owns 1,517 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 530 shares during the period. Insight Wealth Strategies LLC bought a new position in Flowserve during the third quarter valued at about $3,447,000. CWM LLC increased its stake in Flowserve by 65.9% during the third quarter. CWM LLC now owns 34,910 shares of the industrial products company’s stock valued at $1,805,000 after acquiring an additional 13,865 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings in Flowserve by 68.7% during the third quarter. Exchange Traded Concepts LLC now owns 7,629 shares of the industrial products company’s stock valued at $394,000 after purchasing an additional 3,107 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of FLS stock opened at $61.93 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a fifty-two week low of $40.04 and a fifty-two week high of $65.08. The firm has a market cap of $8.14 billion, a P/E ratio of 30.66, a P/E/G ratio of 1.28 and a beta of 1.42. The business’s 50 day moving average price is $60.42 and its 200-day moving average price is $54.66.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Friday, December 27th. Flowserve’s dividend payout ratio is currently 41.58%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Royal Bank of Canada raised Flowserve from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $57.00 to $69.00 in a report on Friday, November 22nd. Robert W. Baird upped 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. Bank of America increased their price objective on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, TD Cowen increased their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.50.

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.