Invesco Ltd. Increases Position in Flowserve Co. (NYSE:FLS)

Invesco Ltd. raised its stake in shares of Flowserve Co. (NYSE:FLS) by 52.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,068,025 shares of the industrial products company’s stock after acquiring an additional 714,063 shares during the period. Invesco Ltd. owned approximately 1.57% of Flowserve worth $118,953,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC raised its stake in shares of Flowserve by 4,790.0% during the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock worth $28,000 after buying an additional 479 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Flowserve in the third quarter valued at $29,000. UMB Bank n.a. boosted its position in shares of Flowserve by 64.2% during the 4th quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 278 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Flowserve by 185.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 595 shares during the period. Finally, Quadrant Capital Group LLC increased its holdings in shares of Flowserve by 34.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,070 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 275 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Trading Up 1.0 %

Shares of FLS stock opened at $42.23 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The stock has a 50-day simple moving average of $51.93 and a 200 day simple moving average of $56.05. Flowserve Co. has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The stock has a market capitalization of $5.56 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.35 and a beta of 1.22.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. On average, sell-side analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, March 28th. Flowserve’s dividend payout ratio is currently 39.25%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FLS shares. Mizuho raised their price objective on Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Citigroup dropped their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a report on Monday, January 13th. Stifel Nicolaus increased their price target on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. TD Cowen upped their target price on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada reduced their price objective on Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

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.