Roubaix Capital LLC Buys New Shares in Flowserve Co. (NYSE:FLS)

Roubaix Capital LLC purchased a new position in shares of Flowserve Co. (NYSE:FLS) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 94,004 shares of the industrial products company’s stock, valued at approximately $4,859,000. Flowserve accounts for about 2.7% of Roubaix Capital LLC’s investment portfolio, making the stock its 10th largest position.

A number of other hedge funds also recently made changes to their positions in the stock. Toronto Dominion Bank increased its holdings in shares of Flowserve by 0.7% during the 1st quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock worth $2,127,000 after buying an additional 305 shares during the last quarter. Signaturefd LLC grew its position in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 370 shares during the period. Allworth Financial LP increased its stake in Flowserve by 159.9% during 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. O Shaughnessy Asset Management LLC increased its stake in Flowserve by 7.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock worth $286,000 after acquiring an additional 426 shares during the last quarter. Finally, Retirement Systems of Alabama raised its holdings in shares of Flowserve by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company’s stock worth $7,526,000 after purchasing an additional 433 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Performance

Flowserve stock opened at $53.75 on Thursday. Flowserve Co. has a 12-month low of $35.80 and a 12-month high of $55.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 30.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The firm’s fifty day moving average price is $50.60 and its 200 day moving average price is $48.94.

Flowserve (NYSE:FLS) last announced its earnings results 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). Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. On average, research analysts forecast that Flowserve Co. will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Friday, September 27th. Flowserve’s payout ratio is 47.46%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Royal Bank of Canada boosted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Mizuho raised their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. TD Cowen upped their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average target price of $60.10.

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.