ABLE Financial Group LLC Boosts Stake in Flowserve Co. (NYSE:FLS)

ABLE Financial Group LLC lifted its stake in shares of Flowserve Co. (NYSE:FLS) by 5.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,965 shares of the industrial products company’s stock after purchasing an additional 878 shares during the quarter. ABLE Financial Group LLC’s holdings in Flowserve were worth $877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in FLS. V Square Quantitative Management LLC acquired a new stake in Flowserve during the 3rd quarter worth about $27,000. Signaturefd LLC raised its stake in shares of Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Flowserve by 159.9% during the third 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. nVerses Capital LLC purchased a new stake in Flowserve in the second quarter valued at approximately $34,000. Finally, GAMMA Investing LLC boosted its position in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after buying an additional 616 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FLS shares. Stifel Nicolaus raised their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada boosted their price objective on Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Bank of America raised their target price on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and a consensus target price of $60.10.

Flowserve Price Performance

FLS traded up $0.83 during trading on Friday, hitting $59.50. The company’s stock had a trading volume of 145,119 shares, compared to its average volume of 1,094,921. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of 29.04, a P/E/G ratio of 1.29 and a beta of 1.38. The business’s fifty day simple moving average is $51.52 and its 200 day simple moving average is $49.35. Flowserve Co. has a twelve month low of $37.00 and a twelve month high of $60.21.

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

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.41%. The ex-dividend date was Friday, September 27th. Flowserve’s payout ratio is 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.