Proficio Capital Partners LLC Buys New Position in Flowserve Co. (NYSE:FLS)

Proficio Capital Partners LLC bought a new stake in shares of Flowserve Co. (NYSE:FLS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,163 shares of the industrial products company’s stock, valued at approximately $930,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FLS. Point72 Asset Management L.P. boosted its holdings in Flowserve by 197.6% in the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after acquiring an additional 606,416 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Flowserve by 34.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after acquiring an additional 422,141 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Flowserve by 66.0% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 555,115 shares of the industrial products company’s stock worth $31,930,000 after acquiring an additional 220,805 shares in the last quarter. Regents Gate Capital LLP bought a new position in Flowserve in the fourth quarter worth approximately $9,182,000. Finally, FMR LLC boosted its holdings in Flowserve by 15.6% in the third quarter. FMR LLC now owns 893,200 shares of the industrial products company’s stock worth $46,170,000 after acquiring an additional 120,396 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 0.7 %

Shares of FLS stock opened at $48.44 on Friday. 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 business has a 50-day moving average price of $59.35 and a two-hundred day moving average price of $56.22. Flowserve Co. has a 12-month low of $43.00 and a 12-month high of $65.08. The firm has a market cap of $6.38 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 1.35 and a beta of 1.43.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Equities analysts anticipate that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.73%. Flowserve’s dividend payout ratio (DPR) is 39.25%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FLS. Stifel Nicolaus increased their price target on Flowserve from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Mizuho raised their target price on Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. TD Cowen raised their target price on Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and raised their target price for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, Royal Bank of Canada dropped their target price on Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve 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.