Wolverine Asset Management LLC Grows Stake in Flowserve Co. (NYSE:FLS)

Wolverine Asset Management LLC boosted its position in Flowserve Co. (NYSE:FLS) by 17.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,000 shares of the industrial products company’s stock after purchasing an additional 3,000 shares during the period. Wolverine Asset Management LLC’s holdings in Flowserve were worth $1,150,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FLS. Creative Planning increased 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 purchasing an additional 444 shares in the last quarter. Raymond James & Associates increased its stake in Flowserve by 4.3% in 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 increased its stake in Flowserve by 51.5% in 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 increased its stake in Flowserve by 159.9% in 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 increased its stake in Flowserve by 1.7% in 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 owned by hedge funds and other institutional investors.

Flowserve Price Performance

Shares of NYSE:FLS opened at $55.38 on Friday. The company has a market cap of $7.28 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.35 and a beta of 1.42. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. Flowserve Co. has a 52 week low of $41.60 and a 52 week high of $65.08. The business has a fifty day simple moving average of $60.57 and a 200-day simple moving average of $55.85.

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 business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. Equities research analysts forecast that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on FLS shares. Mizuho increased their target price on Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday. TD Cowen increased their target price on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Stifel Nicolaus increased their target price on Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday. Robert W. Baird increased their target price on Flowserve from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Citigroup lowered their target price on Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.