Freestone Grove Partners LP Makes New Investment in Flowserve Co. (NYSE:FLS)

Freestone Grove Partners LP purchased a new position in Flowserve Co. (NYSE:FLS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 7,435 shares of the industrial products company's stock, valued at approximately $428,000.

Several other large investors have also recently made changes to their positions in FLS. Gallo Partners LP purchased a new stake in shares of Flowserve during the fourth quarter worth $870,000. Schonfeld Strategic Advisors LLC lifted its stake in Flowserve by 63.0% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 472,322 shares of the industrial products company's stock worth $27,168,000 after purchasing an additional 182,547 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Flowserve by 9.7% during the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company's stock worth $168,272,000 after purchasing an additional 258,361 shares during the last quarter. Northern Trust Corp grew its position in shares of Flowserve by 24.2% in the fourth quarter. Northern Trust Corp now owns 1,125,737 shares of the industrial products company's stock valued at $64,752,000 after purchasing an additional 219,561 shares in the last quarter. Finally, Quarry LP lifted its position in Flowserve by 387.1% during the fourth quarter. Quarry LP now owns 1,515 shares of the industrial products company's stock worth $87,000 after buying an additional 1,204 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Mizuho boosted their target price on shares of Flowserve from $65.00 to $70.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Royal Bank of Canada raised 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. TD Cowen increased their price target on Flowserve from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Stifel Nicolaus boosted their price objective on shares of Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Finally, StockNews.com upgraded shares of Flowserve from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $64.11.

Flowserve Stock Down 1.0 %

Shares of NYSE:FLS traded down $0.46 during trading on Tuesday, hitting $46.75. The company's stock had a trading volume of 1,149,009 shares, compared to its average volume of 1,283,776. Flowserve Co. has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The business has a 50 day moving average price of $46.49 and a two-hundred day moving average price of $54.93. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. The company has a market capitalization of $6.11 billion, a PE ratio of 21.84, a P/E/G ratio of 1.35 and a beta of 1.21.

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

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, March 28th. Flowserve's dividend payout ratio (DPR) 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.