Newbridge Financial Services Group Inc. Has $388,000 Position in Flowserve Co. (NYSE:FLS)

Newbridge Financial Services Group Inc. lifted its holdings in shares of Flowserve Co. (NYSE:FLS) by 3,722.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,065 shares of the industrial products company’s stock after buying an additional 7,854 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Flowserve were worth $388,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FLS. Signaturefd LLC raised its holdings in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Flowserve in the 2nd quarter valued at approximately $34,000. YHB Investment Advisors Inc. bought a new position in shares of Flowserve in the first quarter valued at $36,000. Raleigh Capital Management Inc. increased its holdings in Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after buying an additional 596 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 616 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Bank of America restated a “buy” rating and set a $60.00 price objective on shares of Flowserve in a research note on Tuesday, September 24th. Royal Bank of Canada raised their price objective on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. Robert W. Baird boosted their target price on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus increased their price objective on shares of Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.88.

Flowserve Trading Up 0.3 %

Shares of Flowserve stock opened at $51.85 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The firm has a 50-day moving average of $48.08 and a 200-day moving average of $47.84. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $53.86. The stock has a market cap of $6.83 billion, a PE ratio of 29.29, a PEG ratio of 1.16 and a beta of 1.39.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Flowserve Co. will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.62%. Flowserve’s dividend payout ratio is presently 47.46%.

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.