ABLE Financial Group LLC Acquires 878 Shares of Flowserve Co. (NYSE:FLS)

ABLE Financial Group LLC boosted its stake in shares of Flowserve Co. (NYSE:FLS) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,965 shares of the industrial products company’s stock after acquiring an additional 878 shares during the quarter. ABLE Financial Group LLC’s holdings in Flowserve were worth $877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of Flowserve by 31.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares during the period. Earnest Partners LLC lifted its position in Flowserve by 4.8% in the second quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after buying an additional 121,873 shares during the last quarter. Millennium Management LLC boosted its stake in Flowserve by 155.2% during the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after buying an additional 1,596,429 shares during the period. Thrivent Financial for Lutherans increased its position in Flowserve by 3.4% during the second quarter. Thrivent Financial for Lutherans now owns 2,559,489 shares of the industrial products company’s stock valued at $123,112,000 after acquiring an additional 83,868 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Flowserve by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,249,297 shares of the industrial products company’s stock valued at $108,191,000 after acquiring an additional 169,506 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Stock Up 1.4 %

Shares of Flowserve stock traded up $0.83 on Friday, reaching $59.50. The stock had a trading volume of 145,119 shares, compared to its average volume of 1,094,921. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $7.82 billion, a P/E ratio of 29.04, a P/E/G ratio of 1.29 and a beta of 1.38. The company has a 50 day moving average price of $51.52 and a 200 day moving average price of $49.35. Flowserve Co. has a 1 year low of $37.00 and a 1 year high of $60.21.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. As a group, equities research analysts forecast that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.41%. The ex-dividend date was Friday, September 27th. Flowserve’s dividend payout ratio is presently 41.58%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FLS shares. Mizuho lifted their price target on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. The Goldman Sachs Group boosted their target price on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Robert W. Baird boosted their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, TD Cowen increased their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Flowserve currently has an average rating of “Moderate Buy” and a consensus price target 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.