Ritholtz Wealth Management Purchases New Stake in Flowserve Corporation (NYSE:FLS)

Ritholtz Wealth Management purchased a new position in shares of Flowserve Corporation (NYSE:FLS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,514 shares of the industrial products company's stock, valued at approximately $318,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Headlands Technologies LLC lifted its holdings in shares of Flowserve by 4,790.0% in the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock worth $28,000 after acquiring an additional 479 shares during the last quarter. Park Square Financial Group LLC acquired a new position in shares of Flowserve during the fourth quarter worth $33,000. Colonial Trust Co SC lifted its stake in shares of Flowserve by 415.7% in the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock valued at $34,000 after acquiring an additional 478 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Flowserve by 80.1% during the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 394 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Flowserve by 185.9% during the 4th 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. 93.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FLS shares. Robert W. Baird cut their price target on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Mizuho set a $60.00 target price on shares of Flowserve in a report on Friday, May 16th. Stifel Nicolaus raised their price target on shares of Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. Finally, Citigroup lowered their target price on Flowserve from $72.00 to $56.00 and set a "buy" rating for the company in a research report on Monday, April 14th. One 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 company. According to data from MarketBeat.com, Flowserve has an average rating of "Buy" and a consensus target price of $63.00.

Flowserve Stock Up 3.0%

NYSE FLS traded up $1.40 on Tuesday, hitting $47.83. 3,059,655 shares of the company were exchanged, compared to its average volume of 1,435,396. The company has a current ratio of 2.07, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The company has a market cap of $6.25 billion, a PE ratio of 22.35, a PEG ratio of 1.06 and a beta of 1.26. The stock has a fifty day moving average of $47.33 and a 200-day moving average of $52.72. Flowserve Corporation has a 12 month low of $37.34 and a 12 month 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 for the quarter, topping analysts' consensus estimates of $0.59 by $0.13. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.11 billion. Flowserve had a return on equity of 17.68% and a net margin of 6.12%. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. As a group, analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

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