Exchange Traded Concepts LLC Increases Position in Flowserve Co. (NYSE:FLS)

Exchange Traded Concepts LLC increased its stake in shares of Flowserve Co. (NYSE:FLS) by 68.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,629 shares of the industrial products company’s stock after purchasing an additional 3,107 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Flowserve were worth $394,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. CWM LLC raised its holdings in Flowserve by 65.9% in the third quarter. CWM LLC now owns 34,910 shares of the industrial products company’s stock worth $1,805,000 after purchasing an additional 13,865 shares in the last quarter. Insight Wealth Strategies LLC purchased a new position in shares of Flowserve in the 3rd quarter worth approximately $3,447,000. GAMMA Investing LLC raised its stake in shares of Flowserve by 53.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,517 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 530 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Flowserve during the second quarter valued at approximately $70,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in Flowserve by 3,722.3% in the second quarter. Newbridge Financial Services Group Inc. now owns 8,065 shares of the industrial products company’s stock valued at $388,000 after acquiring an additional 7,854 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Price Performance

Shares of NYSE:FLS opened at $54.51 on Friday. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve Co. has a twelve month low of $35.31 and a twelve month high of $55.90. The company’s 50 day moving average is $49.71 and its 200 day moving average is $48.64. The company has a market cap of $7.18 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, 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 was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.21 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.54%. Flowserve’s dividend payout ratio is presently 47.46%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FLS shares. Jefferies Financial Group began coverage on Flowserve in a research report on Friday. They set a “buy” rating and a $65.00 price target on the stock. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Mizuho raised their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday. TD Cowen upped their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada increased their price objective on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

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.