GAMMA Investing LLC Buys 109,939 Shares of Flowserve Co. (NYSE:FLS)

GAMMA Investing LLC lifted its holdings in shares of Flowserve Co. (NYSE:FLS - Free Report) by 6,084.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 111,746 shares of the industrial products company's stock after acquiring an additional 109,939 shares during the quarter. GAMMA Investing LLC owned 0.08% of Flowserve worth $5,458,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FLS. FIL Ltd raised its holdings in Flowserve by 71.7% during the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company's stock valued at $302,271,000 after acquiring an additional 2,193,904 shares during the period. Norges Bank bought a new stake in shares of Flowserve during the 4th quarter valued at $94,629,000. Driehaus Capital Management LLC raised its stake in shares of Flowserve by 307.1% during the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock valued at $108,651,000 after purchasing an additional 1,424,948 shares during the period. Invesco Ltd. lifted its holdings in Flowserve by 52.7% during the 4th quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company's stock worth $118,953,000 after purchasing an additional 714,063 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Flowserve by 57.7% in the 4th quarter. Point72 Asset Management L.P. now owns 1,440,518 shares of the industrial products company's stock worth $82,859,000 after purchasing an additional 527,250 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FLS has been the subject of a number of analyst reports. Royal Bank of Canada raised their price objective on shares of Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Robert W. Baird cut their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Citigroup reduced their price target on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Finally, Mizuho set a $60.00 target price on Flowserve in a research report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $63.00.

Flowserve Price Performance

Shares of Flowserve stock traded up $0.33 during trading on Thursday, hitting $47.64. 796,087 shares of the stock traded hands, compared to its average volume of 1,388,754. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 1.35 and a beta of 1.26. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. Flowserve Co. has a 52 week low of $37.34 and a 52 week high of $65.08. The firm's fifty day moving average is $46.55 and its 200-day moving average is $53.64.

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

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Friday, June 27th. Flowserve's dividend payout ratio is presently 39.25%.

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.