BTC Capital Management Inc. Invests $231,000 in Flowserve Co. (NYSE:FLS)

BTC Capital Management Inc. bought a new stake in shares of Flowserve Co. (NYSE:FLS) in the fourth quarter, Holdings Channel reports. The fund bought 4,010 shares of the industrial products company’s stock, valued at approximately $231,000.

Several other hedge funds also recently added to or reduced their stakes in FLS. OLD National Bancorp IN purchased a new position in shares of Flowserve during the 4th quarter valued at about $229,000. Gries Financial LLC raised its position in Flowserve by 8.9% during the fourth quarter. Gries Financial LLC now owns 6,373 shares of the industrial products company’s stock valued at $367,000 after acquiring an additional 520 shares in the last quarter. R Squared Ltd acquired a new position in Flowserve in the fourth quarter valued at approximately $411,000. Pacer Advisors Inc. lifted its holdings in Flowserve by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 35,049 shares of the industrial products company’s stock valued at $2,016,000 after acquiring an additional 8,182 shares during the period. Finally, KBC Group NV boosted its position in Flowserve by 57.9% in the 4th quarter. KBC Group NV now owns 5,418 shares of the industrial products company’s stock worth $312,000 after purchasing an additional 1,986 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Price Performance

NYSE:FLS opened at $62.66 on Friday. The stock has a 50 day moving average of $60.42 and a two-hundred day moving average of $54.53. Flowserve Co. has a 12 month low of $39.69 and a 12 month high of $65.08. The firm has a market cap of $8.23 billion, a P/E ratio of 31.02, a price-to-earnings-growth ratio of 1.25 and a beta of 1.42. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Friday, December 27th. Flowserve’s payout ratio is 41.58%.

Analysts Set New Price Targets

FLS has been the subject of several recent research reports. Stifel Nicolaus lifted their target price on shares of Flowserve from $72.00 to $75.00 and gave the company a “buy” rating in a report on Friday, January 24th. Royal Bank of Canada raised shares of 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 report on Friday, November 22nd. Citigroup lowered their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and lifted their price target for the company from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, Jefferies Financial Group assumed coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.50.

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.