New Century Financial Group LLC Acquires Shares of 22,928 Flowserve Co. (NYSE:FLS)

New Century Financial Group LLC acquired a new position in Flowserve Co. (NYSE:FLS) during the third quarter, Holdings Channel.com reports. The firm acquired 22,928 shares of the industrial products company’s stock, valued at approximately $1,185,000.

Several other institutional investors have also recently made changes to their positions in FLS. Raymond James & Associates raised its position in Flowserve by 4.3% during the third quarter. Raymond James & Associates now owns 321,277 shares of the industrial products company’s stock valued at $16,607,000 after acquiring an additional 13,258 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Flowserve during the 3rd quarter valued at approximately $27,000. nVerses Capital LLC lifted its stake in shares of Flowserve by 1,142.9% in the 3rd quarter. nVerses Capital LLC now owns 8,700 shares of the industrial products company’s stock valued at $450,000 after purchasing an additional 8,000 shares during the period. Vontobel Holding Ltd. boosted its holdings in Flowserve by 2.3% during the third quarter. Vontobel Holding Ltd. now owns 29,245 shares of the industrial products company’s stock worth $1,512,000 after buying an additional 649 shares in the last quarter. Finally, Michael S. Ryan Inc. acquired a new stake in Flowserve during the third quarter valued at $413,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 0.5 %

Shares of FLS opened at $54.51 on Friday. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $55.90. The stock has a market cap of $7.18 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The firm’s fifty day moving average is $49.71 and its two-hundred day moving average is $48.64. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. The firm had revenue of $1.16 billion for 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%. Flowserve’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. Research analysts forecast that Flowserve Co. will post 2.76 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.54%. Flowserve’s dividend payout ratio is presently 47.46%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FLS shares. Royal Bank of Canada upped their price objective on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. Robert W. Baird increased their price target on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Mizuho boosted their price objective on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday. TD Cowen increased their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Bank of America reissued a “buy” rating and issued a $60.00 price target on shares of Flowserve in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

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.