Raymond James Financial Inc. Makes New Investment in Flowserve Co. (NYSE:FLS)

Raymond James Financial Inc. purchased a new stake in Flowserve Co. (NYSE:FLS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 252,890 shares of the industrial products company's stock, valued at approximately $14,546,000. Raymond James Financial Inc. owned 0.19% of Flowserve at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asset Management L.P. boosted its position in shares of Flowserve by 197.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company's stock worth $47,207,000 after purchasing an additional 606,416 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Flowserve by 34.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company's stock worth $86,055,000 after purchasing an additional 422,141 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Flowserve by 66.0% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 555,115 shares of the industrial products company's stock worth $31,930,000 after purchasing an additional 220,805 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Flowserve by 28.5% in the 4th quarter. Fisher Asset Management LLC now owns 745,404 shares of the industrial products company's stock worth $42,876,000 after purchasing an additional 165,449 shares in the last quarter. Finally, Regents Gate Capital LLP acquired a new stake in shares of Flowserve in the 4th quarter worth $9,182,000. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

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Flowserve Price Performance

Shares of Flowserve stock traded down $0.78 on Friday, hitting $50.65. The company's stock had a trading volume of 2,206,895 shares, compared to its average volume of 1,159,925. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. Flowserve Co. has a 1 year low of $43.66 and a 1 year high of $65.08. The firm has a fifty day moving average price of $57.54 and a 200-day moving average price of $56.25. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 1.35 and a beta of 1.43.

Flowserve (NYSE:FLS - Get Free Report) last announced 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). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.21 billion. As a group, sell-side analysts anticipate that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.66%. Flowserve's dividend payout ratio is presently 39.25%.

Analysts Set New Price Targets

A number of brokerages have commented on FLS. Mizuho lifted their price target on Flowserve from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. StockNews.com cut Flowserve from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. Robert W. Baird raised Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 price target for the company in a research report on Monday, March 17th. Royal Bank of Canada lowered their price target on Flowserve from $69.00 to $68.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. Finally, Baird R W raised Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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.