KLP Kapitalforvaltning AS Takes $1.55 Million Position in Flowserve Co. (NYSE:FLS)

KLP Kapitalforvaltning AS acquired a new position in shares of Flowserve Co. (NYSE:FLS - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 26,800 shares of the industrial products company's stock, valued at approximately $1,546,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company's stock valued at $201,685,000 after purchasing an additional 37,132 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flowserve by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company's stock valued at $113,851,000 after acquiring an additional 23,529 shares during the last quarter. Point72 Asset Management L.P. grew its position in Flowserve by 197.6% in the third 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 in the last quarter. FMR LLC increased its stake in Flowserve by 15.6% during the third quarter. FMR LLC now owns 893,200 shares of the industrial products company's stock worth $46,170,000 after acquiring an additional 120,396 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Flowserve by 28.5% during the fourth quarter. Fisher Asset Management LLC now owns 745,404 shares of the industrial products company's stock valued at $42,876,000 after purchasing an additional 165,449 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Remove Ads

Flowserve Trading Up 1.5 %

Shares of Flowserve stock traded up $0.76 on Wednesday, hitting $49.95. 753,417 shares of the company traded hands, compared to its average volume of 1,217,305. Flowserve Co. has a 52 week low of $43.66 and a 52 week high of $65.08. The company has a market cap of $6.58 billion, a PE ratio of 23.34, a PEG ratio of 1.35 and a beta of 1.22. The stock's 50 day moving average price is $55.64 and its 200-day moving average price is $56.55. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71.

Flowserve (NYSE:FLS - Get Free Report) last issued its 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 return on equity of 17.08% and a net margin of 6.20%. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.21 billion. Equities research analysts predict that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently announced 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 1.68%. The ex-dividend date is Friday, March 28th. Flowserve's dividend payout ratio (DPR) is 39.25%.

Analysts Set New Price Targets

FLS has been the topic of several analyst reports. Baird R W raised Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Mizuho increased their target price on shares of Flowserve from $65.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Royal Bank of Canada lowered their target price on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. TD Cowen upped their price target on shares of Flowserve from $60.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Finally, Citigroup decreased their price objective on shares of Flowserve from $73.00 to $72.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Flowserve has an average 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.