Driehaus Capital Management LLC Buys 1,424,948 Shares of Flowserve Co. (NYSE:FLS)

Driehaus Capital Management LLC lifted its stake in shares of Flowserve Co. (NYSE:FLS - Free Report) by 307.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,888,917 shares of the industrial products company's stock after purchasing an additional 1,424,948 shares during the period. Flowserve comprises about 0.9% of Driehaus Capital Management LLC's investment portfolio, making the stock its 19th biggest holding. Driehaus Capital Management LLC owned about 1.44% of Flowserve worth $108,651,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FLS. Headlands Technologies LLC lifted its position in shares of Flowserve by 4,790.0% during the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock worth $28,000 after purchasing an additional 479 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Flowserve in the third quarter worth about $29,000. Colonial Trust Co SC lifted its holdings in Flowserve by 415.7% in the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after acquiring an additional 478 shares during the last quarter. UMB Bank n.a. lifted its holdings in Flowserve by 64.2% in the fourth 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 last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Flowserve by 185.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company's stock worth $53,000 after acquiring an additional 595 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on FLS shares. Citigroup cut their target price on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Mizuho raised their price target on shares of Flowserve from $65.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Royal Bank of Canada raised their price target on shares of Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Baird R W upgraded shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 17th. Finally, TD Cowen raised their price objective on shares of Flowserve from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $64.11.

Flowserve Trading Up 2.4%

Flowserve stock traded up $1.24 during midday trading on Tuesday, reaching $52.07. The stock had a trading volume of 395,372 shares, compared to its average volume of 1,278,657. The firm's fifty day simple moving average is $46.18 and its two-hundred day simple moving average is $54.81. Flowserve Co. has a twelve month low of $37.34 and a twelve month high of $65.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 1.35 and a beta of 1.21.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.13. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company earned $0.58 earnings per share. Flowserve's quarterly revenue was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Friday, March 28th. Flowserve's payout ratio is 39.25%.

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.