Pallas Capital Advisors LLC Has $1.11 Million Stake in Flowserve Co. (NYSE:FLS)

Pallas Capital Advisors LLC boosted its position in shares of Flowserve Co. (NYSE:FLS) by 12.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,639 shares of the industrial products company’s stock after acquiring an additional 2,533 shares during the period. Pallas Capital Advisors LLC’s holdings in Flowserve were worth $1,106,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of Flowserve by 0.6% during the fourth quarter. Arizona State Retirement System now owns 38,134 shares of the industrial products company’s stock valued at $2,193,000 after buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in shares of Flowserve by 0.9% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 26,553 shares of the industrial products company’s stock valued at $1,527,000 after buying an additional 236 shares during the last quarter. Savant Capital LLC raised its position in shares of Flowserve by 0.4% during the fourth quarter. Savant Capital LLC now owns 61,565 shares of the industrial products company’s stock valued at $3,541,000 after buying an additional 251 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Flowserve by 34.6% during the fourth quarter. Quadrant Capital Group LLC now owns 1,070 shares of the industrial products company’s stock valued at $62,000 after buying an additional 275 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Flowserve by 5.3% during the fourth quarter. US Bancorp DE now owns 5,722 shares of the industrial products company’s stock valued at $329,000 after buying an additional 289 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of Flowserve stock opened at $47.47 on Wednesday. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 22.18, a P/E/G ratio of 1.35 and a beta of 1.26. Flowserve Co. has a 1-year low of $37.34 and a 1-year high of $65.08. The firm’s 50-day moving average price is $46.41 and its two-hundred day moving average price is $53.68.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.13. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities analysts predict 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 will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.77%. Flowserve’s dividend payout ratio (DPR) is currently 39.25%.

Analyst Ratings Changes

FLS has been the subject of a number of research analyst reports. Robert W. Baird cut their price objective on shares of Flowserve from $71.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Citigroup dropped their price target on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Stifel Nicolaus increased their price target on shares of Flowserve from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 6th. Finally, Royal Bank of Canada increased their price target on shares of Flowserve from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $63.00.

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.