Fifth Third Bancorp Purchases 6,321 Shares of Flowserve Co. (NYSE:FLS)

Fifth Third Bancorp raised its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 516.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,545 shares of the industrial products company's stock after buying an additional 6,321 shares during the period. Fifth Third Bancorp's holdings in Flowserve were worth $434,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Point72 Asset Management L.P. boosted its position in Flowserve by 197.6% during 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 acquiring an additional 606,416 shares during the period. Massachusetts Financial Services Co. MA grew its position in Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company's stock valued at $86,055,000 after purchasing an additional 422,141 shares in the last quarter. FMR LLC lifted its position in Flowserve by 15.6% in the 3rd quarter. FMR LLC now owns 893,200 shares of the industrial products company's stock worth $46,170,000 after buying an additional 120,396 shares in the last quarter. Concentric Capital Strategies LP purchased a new position in shares of Flowserve during the 3rd quarter valued at $6,099,000. Finally, Roubaix Capital LLC purchased a new stake in shares of Flowserve during the 3rd quarter worth about $4,859,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. Royal Bank of Canada upgraded Flowserve from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Robert W. Baird upped their target price on shares of Flowserve from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upgraded shares of Flowserve from a "sell" rating to a "neutral" rating and increased their target price for the company from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, Citigroup lowered their price target on Flowserve from $73.00 to $72.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.50.

Flowserve Price Performance

Flowserve stock traded down $0.69 during mid-day trading on Monday, hitting $61.93. 900,605 shares of the company were exchanged, compared to its average volume of 1,248,915. Flowserve Co. has a 1-year low of $40.04 and a 1-year high of $65.08. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The business has a fifty day moving average of $60.42 and a 200 day moving average of $54.58. The company has a market capitalization of $8.14 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Friday, December 27th. Flowserve's dividend payout ratio (DPR) is currently 41.58%.

Flowserve 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.