Raymond James & Associates Boosts Stake in Flowserve Co. (NYSE:FLS)

Raymond James & Associates boosted its position in Flowserve Co. (NYSE:FLS - Free Report) by 4.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,277 shares of the industrial products company's stock after buying an additional 13,258 shares during the period. Raymond James & Associates owned approximately 0.24% of Flowserve worth $16,607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. 180 Wealth Advisors LLC purchased a new stake in shares of Flowserve during the 1st quarter worth approximately $248,000. Diversified Trust Co boosted its position in shares of Flowserve by 14.5% during the 1st quarter. Diversified Trust Co now owns 90,267 shares of the industrial products company's stock valued at $4,123,000 after acquiring an additional 11,456 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Flowserve in the 1st quarter worth $545,000. State of Michigan Retirement System lifted its stake in Flowserve by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,268 shares of the industrial products company's stock worth $1,474,000 after purchasing an additional 800 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Flowserve by 1.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,440 shares of the industrial products company's stock worth $6,689,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FLS shares. Mizuho increased their target price on Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Bank of America reaffirmed a "buy" rating and set a $60.00 target price on shares of Flowserve in a research note on Tuesday, September 24th. StockNews.com downgraded shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Thursday, August 8th. Robert W. Baird raised their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada upped their price objective on Flowserve from $50.00 to $52.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Flowserve presently has a consensus rating of "Moderate Buy" and an average target price of $58.50.

Flowserve Stock Performance

NYSE FLS traded up $0.14 on Friday, reaching $52.66. 799,245 shares of the company's stock traded hands, compared to its average volume of 1,069,300. Flowserve Co. has a fifty-two week low of $35.52 and a fifty-two week high of $55.90. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 29.75, a P/E/G ratio of 1.27 and a beta of 1.39. The stock has a 50 day moving average price of $50.36 and a 200-day moving average price of $48.85.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS. Equities research analysts predict that Flowserve Co. will post 2.76 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.60%. Flowserve's dividend payout ratio is currently 47.46%.

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.