Pallas Capital Advisors LLC Purchases 1,809 Shares of Flowserve Co. (NYSE:FLS)

Pallas Capital Advisors LLC increased its position in shares of Flowserve Co. (NYSE:FLS) by 9.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,106 shares of the industrial products company’s stock after acquiring an additional 1,809 shares during the period. Pallas Capital Advisors LLC’s holdings in Flowserve were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in FLS. True Wealth Design LLC acquired a new stake in shares of Flowserve in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC acquired a new stake in Flowserve in the third quarter valued at about $27,000. Ashton Thomas Securities LLC bought a new position in Flowserve in the third quarter valued at about $29,000. Wilmington Savings Fund Society FSB acquired a new position in Flowserve during the third quarter worth about $29,000. Finally, Allworth Financial LP lifted its holdings in shares of Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Flowserve Stock Performance

NYSE:FLS opened at $59.10 on Tuesday. 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 Co. has a fifty-two week low of $39.37 and a fifty-two week high of $62.32. The company has a 50 day simple moving average of $59.48 and a two-hundred day simple moving average of $53.07. The company has a market capitalization of $7.76 billion, a PE ratio of 29.26, a P/E/G ratio of 1.46 and a beta of 1.41.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 earnings per share. Research analysts anticipate that Flowserve Co. will post 2.71 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid 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 1.42%. Flowserve’s dividend payout ratio is currently 41.58%.

Analyst Ratings Changes

Several brokerages recently issued reports on FLS. Mizuho lifted their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Stifel Nicolaus upped their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 27th. Finally, Bank of America boosted their price target on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and a consensus target price of $64.30.

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.