Van ECK Associates Corp Takes $5.83 Million Position in Flowserve Co. (NYSE:FLS)

Van ECK Associates Corp purchased a new stake in shares of Flowserve Co. (NYSE:FLS - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 101,382 shares of the industrial products company's stock, valued at approximately $5,831,000. Van ECK Associates Corp owned approximately 0.08% of Flowserve at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of FLS. Creative Planning increased its stake in shares of Flowserve by 6.9% in the third quarter. Creative Planning now owns 6,879 shares of the industrial products company's stock valued at $356,000 after buying an additional 444 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Flowserve in the third quarter worth about $27,000. Raymond James & Associates raised its stake in shares of Flowserve by 4.3% in the third quarter. Raymond James & Associates now owns 321,277 shares of the industrial products company's stock worth $16,607,000 after acquiring an additional 13,258 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Flowserve by 51.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company's stock valued at $559,000 after purchasing an additional 3,675 shares during the last quarter. Finally, RBA Wealth Management LLC grew its stake in shares of Flowserve by 6.2% during the third quarter. RBA Wealth Management LLC now owns 77,104 shares of the industrial products company's stock valued at $3,985,000 after purchasing an additional 4,510 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Flowserve Trading Down 3.6 %

Flowserve stock traded down $2.08 during midday trading on Friday, hitting $55.38. 2,004,391 shares of the stock were exchanged, compared to its average volume of 1,352,376. Flowserve Co. has a 52 week low of $41.60 and a 52 week high of $65.08. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $7.28 billion, a PE ratio of 25.88, a P/E/G ratio of 1.21 and a beta of 1.42. The company has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $55.78.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.21 billion. Equities research analysts anticipate that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.21 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.52%. Flowserve's dividend payout ratio (DPR) is currently 39.25%.

Analysts Set New Price Targets

Several research firms have issued reports on FLS. The Goldman Sachs Group raised Flowserve from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Royal Bank of Canada decreased their price target on Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday. Stifel Nicolaus lifted their price objective on Flowserve from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Thursday. Robert W. Baird upped their target price on shares of Flowserve from $69.00 to $71.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, TD Cowen lifted their price target on shares of Flowserve from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Flowserve has a consensus rating of "Moderate Buy" and a consensus 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.