Navellier & Associates Inc. Acquires New Shares in Flowserve Co. (NYSE:FLS)

Navellier & Associates Inc. acquired a new stake in Flowserve Co. (NYSE:FLS) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 38,447 shares of the industrial products company’s stock, valued at approximately $2,211,000.

A number of other hedge funds have also bought and sold shares of FLS. Creative Planning grew its stake in Flowserve by 6.9% in the 3rd quarter. Creative Planning now owns 6,879 shares of the industrial products company’s stock valued at $356,000 after buying an additional 444 shares in the last quarter. Raymond James & Associates grew its position in shares of Flowserve by 4.3% during the 3rd quarter. Raymond James & Associates now owns 321,277 shares of the industrial products company’s stock valued at $16,607,000 after purchasing an additional 13,258 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Flowserve by 51.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company’s stock valued at $559,000 after purchasing an additional 3,675 shares in the last quarter. Allworth Financial LP grew its position in shares of Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 403 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Flowserve by 1.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 622,701 shares of the industrial products company’s stock valued at $32,187,000 after purchasing an additional 10,403 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Stock Performance

Flowserve stock opened at $55.38 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 company has a market capitalization of $7.28 billion, a PE ratio of 25.88, a P/E/G ratio of 1.21 and a beta of 1.42. The firm has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $55.78. Flowserve Co. has a twelve month low of $41.60 and a twelve month high of $65.08.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. Research analysts expect that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s dividend payout ratio is presently 39.25%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FLS shares. Stifel Nicolaus boosted 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. Robert W. Baird boosted their price target on shares of Flowserve from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday. TD Cowen boosted their price target on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and boosted their price target for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Finally, Mizuho boosted their price target on shares of Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently 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.