MQS Management LLC Makes New Investment in Flowserve Corporation (NYSE:FLS)

MQS Management LLC acquired a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,809 shares of the industrial products company's stock, valued at approximately $235,000.

Other hedge funds have also modified their holdings of the company. Proficio Capital Partners LLC bought a new position in Flowserve in the fourth quarter valued at approximately $930,000. Raymond James Financial Inc. bought a new position in Flowserve in the fourth quarter valued at approximately $14,546,000. EverSource Wealth Advisors LLC grew its stake in Flowserve by 185.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 595 shares in the last quarter. Avantax Advisory Services Inc. bought a new position in Flowserve in the fourth quarter valued at approximately $278,000. Finally, Swiss National Bank grew its stake in Flowserve by 0.5% in the fourth quarter. Swiss National Bank now owns 258,400 shares of the industrial products company's stock valued at $14,863,000 after purchasing an additional 1,200 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Performance

NYSE:FLS traded up $0.01 during mid-day trading on Friday, hitting $54.76. 1,578,000 shares of the stock were exchanged, compared to its average volume of 1,613,258. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 1.21 and a beta of 1.25. The firm's 50-day simple moving average is $50.54 and its 200 day simple moving average is $52.00. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08.

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 for the quarter, beating the consensus estimate of $0.59 by $0.13. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.11 billion. Flowserve had a return on equity of 17.68% and a net margin of 6.12%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS. As a group, equities analysts anticipate that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.53%. Flowserve's dividend payout ratio (DPR) is currently 39.25%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FLS. Mizuho set a $60.00 price target on Flowserve in a research note on Friday, May 16th. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. The Goldman Sachs Group lifted their target price on Flowserve from $54.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Robert W. Baird reduced their target price on Flowserve from $71.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, Royal Bank Of Canada lifted their target price on Flowserve from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of "Buy" and an average target price of $63.00.

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.