Cannell & Spears LLC Buys New Stake in Flowserve Co. (NYSE:FLS)

Cannell & Spears LLC purchased a new stake in Flowserve Co. (NYSE:FLS - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 107,194 shares of the industrial products company's stock, valued at approximately $6,166,000. Cannell & Spears LLC owned about 0.08% of Flowserve at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. HighTower Advisors LLC lifted its position in Flowserve by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company's stock worth $1,962,000 after acquiring an additional 215 shares during the period. Arizona State Retirement System raised its stake 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 worth $2,193,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings 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 worth $1,527,000 after purchasing an additional 236 shares during the period. Savant Capital LLC grew its position in Flowserve by 0.4% in the 4th 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. Finally, National Bank of Canada FI increased its stake in Flowserve by 4.1% in the 3rd quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company's stock valued at $327,000 after buying an additional 252 shares during the period. Institutional investors and hedge funds own 93.93% of the company's stock.

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Flowserve Price Performance

Shares of FLS traded down $3.53 during mid-day trading on Friday, reaching $40.07. 2,817,652 shares of the company's stock were exchanged, compared to its average volume of 1,219,284. 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 $38.23 and a 52-week high of $65.08. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.35 and a beta of 1.22. The company has a 50-day simple moving average of $54.75 and a two-hundred day simple moving average of $56.48.

Flowserve (NYSE:FLS - Get Free Report) last released 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 company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.21 billion. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. On average, sell-side analysts predict that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve's payout ratio is currently 39.25%.

Analyst Upgrades and Downgrades

FLS has been the subject of several recent analyst reports. Robert W. Baird upgraded shares of Flowserve from a "neutral" rating to an "outperform" rating and set a $71.00 target price for the company in a research note on Monday, March 17th. Citigroup reduced their price objective on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Mizuho boosted their target price on Flowserve from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. The Goldman Sachs Group raised Flowserve from a "sell" rating to a "neutral" rating and raised their price target for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, Stifel Nicolaus upped their price objective on Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Flowserve 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.