Connective Portfolio Management LLC Purchases Shares of 27,190 Flowserve Co. (NYSE:FLS)

Connective Portfolio Management LLC acquired a new position in Flowserve Co. (NYSE:FLS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,190 shares of the industrial products company's stock, valued at approximately $1,564,000. Flowserve makes up 2.3% of Connective Portfolio Management LLC's portfolio, making the stock its 16th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. True Wealth Design LLC acquired a new stake in Flowserve in the third quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in shares of Flowserve in the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Flowserve in the 3rd quarter valued at about $29,000. Wilmington Savings Fund Society FSB bought a new position in shares of Flowserve during the third quarter worth about $29,000. Finally, Allworth Financial LP grew its stake in Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock worth $34,000 after purchasing an additional 403 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Flowserve Stock Performance

Shares of NYSE FLS traded up $2.07 during midday trading on Thursday, reaching $62.75. 1,840,880 shares of the company traded hands, compared to its average volume of 1,238,858. The stock has a 50-day moving average price of $59.69 and a 200 day moving average price of $53.29. The company has a market cap of $8.24 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 1.17 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. Flowserve Co. has a 52 week low of $39.37 and a 52 week high of $63.23.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the business earned $0.50 earnings per share. The company's revenue was up 3.5% on a year-over-year basis. Sell-side analysts anticipate that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Friday, December 27th. Flowserve's payout ratio is currently 41.58%.

Analyst Ratings Changes

A number of equities analysts have commented on FLS shares. Royal Bank of Canada raised shares of Flowserve from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $57.00 to $69.00 in a report on Friday, November 22nd. The Goldman Sachs Group raised shares of Flowserve from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Bank of America raised their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Stifel Nicolaus upped their target price on Flowserve from $60.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Finally, TD Cowen raised their price target on Flowserve from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $66.10.

Flowserve Company Profile

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.