Flowserve Corporation (NYSE:FLS) Shares Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lifted its holdings in Flowserve Corporation (NYSE:FLS - Free Report) by 55.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,579 shares of the industrial products company's stock after acquiring an additional 16,524 shares during the period. Exchange Traded Concepts LLC's holdings in Flowserve were worth $2,275,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. FIL Ltd lifted its position in Flowserve by 71.7% in the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company's stock worth $302,271,000 after buying an additional 2,193,904 shares during the last quarter. Norges Bank bought a new stake in shares of Flowserve in the 4th quarter worth about $94,629,000. Driehaus Capital Management LLC lifted its stake in Flowserve by 307.1% in the fourth quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock worth $108,651,000 after purchasing an additional 1,424,948 shares during the last quarter. Invesco Ltd. lifted its stake in Flowserve by 52.7% in the fourth 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 during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Flowserve by 57.7% in the fourth 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 last quarter. Institutional investors own 93.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FLS. Citigroup decreased their price objective on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating for the company in a report on Monday, April 14th. Royal Bank Of Canada lifted their target price on Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Mizuho set a $60.00 price objective on Flowserve in a report on Friday, May 16th. Finally, Stifel Nicolaus boosted their price target on shares of Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, May 1st. One research 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 data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $63.00.

Flowserve Stock Down 1.0%

Flowserve stock traded down $0.47 during midday trading on Friday, reaching $45.97. The company's stock had a trading volume of 3,321,454 shares, compared to its average volume of 1,424,177. The stock has a market capitalization of $6.01 billion, a P/E ratio of 21.48, a PEG ratio of 1.06 and a beta of 1.26. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.07 and a quick ratio of 1.46. The stock's 50-day simple moving average is $47.25 and its 200-day simple moving average is $52.88. Flowserve Corporation has a 52-week low of $37.34 and a 52-week high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.13. The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.11 billion. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The business's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $0.58 earnings per share. On average, sell-side analysts expect that Flowserve Corporation will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.83%. Flowserve's dividend payout ratio (DPR) is presently 39.25%.

About Flowserve

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.