Lecap Asset Management Ltd. increased its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 32.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,686 shares of the industrial products company's stock after acquiring an additional 6,304 shares during the period. Lecap Asset Management Ltd.'s holdings in Flowserve were worth $1,477,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. State Street Corp grew its stake in Flowserve by 1.0% during the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company's stock worth $201,685,000 after buying an additional 37,132 shares during the last quarter. Vestcor Inc acquired a new stake in shares of Flowserve during the 3rd quarter worth approximately $714,000. Stifel Financial Corp boosted its holdings in Flowserve by 14.0% during the third quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company's stock worth $12,619,000 after buying an additional 29,979 shares in the last quarter. Algert Global LLC lifted its position in shares of Flowserve by 130.3% during the 3rd quarter. Algert Global LLC now owns 109,079 shares of the industrial products company's stock valued at $5,638,000 after buying an additional 61,710 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of 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 acquiring an additional 422,141 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
FLS has been the subject of several analyst reports. TD Cowen upped their target price on Flowserve from $60.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Royal Bank of Canada upgraded Flowserve from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upgraded Flowserve from a "sell" rating to a "neutral" rating and raised their target price for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They set a "buy" rating and a $65.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $67.50.
View Our Latest Stock Analysis on Flowserve
Flowserve Stock Performance
NYSE:FLS traded down $0.41 during mid-day trading on Tuesday, reaching $63.15. The stock had a trading volume of 460,351 shares, compared to its average volume of 1,201,907. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 31.26, a PEG ratio of 1.29 and a beta of 1.42. The business has a 50 day simple moving average of $60.64 and a 200 day simple moving average of $55.12. Flowserve Co. has a twelve month low of $40.78 and a twelve month high of $65.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99.
Flowserve Announces Dividend
The company also recently disclosed 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. The ex-dividend date of this dividend was Friday, December 27th. This represents a $0.84 annualized dividend and a yield of 1.33%. Flowserve's dividend payout ratio is presently 41.58%.
Flowserve Company Profile
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Free Report)
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.
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