Exchange Traded Concepts LLC Acquires 22,426 Shares of Flowserve Co. (NYSE:FLS)

Exchange Traded Concepts LLC raised its holdings in shares of Flowserve Co. (NYSE:FLS) by 294.0% during the 4th quarter, HoldingsChannel reports. The fund owned 30,055 shares of the industrial products company’s stock after acquiring an additional 22,426 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Flowserve were worth $1,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FLS. KPP Advisory Services LLC lifted its position in Flowserve by 3.2% during the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock valued at $364,000 after purchasing an additional 215 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Flowserve by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock valued at $1,962,000 after buying an additional 215 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Flowserve by 4.1% during the 3rd quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock valued at $327,000 after acquiring an additional 252 shares during the period. PNC Financial Services Group Inc. increased its holdings in Flowserve by 1.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock worth $1,330,000 after acquiring an additional 277 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in Flowserve by 64.2% during the 4th quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 278 shares during the period. Institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and raised their price target for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Royal Bank of Canada raised Flowserve from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $57.00 to $69.00 in a research note on Friday, November 22nd. 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. Finally, TD Cowen increased their price objective on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Flowserve Price Performance

Shares of Flowserve stock opened at $64.06 on Monday. 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 one year low of $39.69 and a one year high of $65.08. The stock has a market cap of $8.42 billion, a price-to-earnings ratio of 31.71, a price-to-earnings-growth ratio of 1.31 and a beta of 1.42. The stock has a 50 day moving average price of $60.27 and a 200-day moving average price of $54.16.

Flowserve (NYSE:FLS) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the company posted $0.50 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities analysts expect that Flowserve Co. will post 2.7 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.31%. Flowserve’s payout ratio is 41.58%.

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.