Navellier & Associates Inc. Acquires Shares of 38,447 Flowserve Co. (NYSE:FLS)

Navellier & Associates Inc. acquired a new stake in Flowserve Co. (NYSE:FLS) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 38,447 shares of the industrial products company’s stock, valued at approximately $2,211,000.

A number of other hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Flowserve by 1.0% in the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock valued at $201,685,000 after acquiring an additional 37,132 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Flowserve by 1.7% in the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after acquiring an additional 44,039 shares during the period. Geode Capital Management LLC increased its position in shares of Flowserve by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock valued at $113,851,000 after acquiring an additional 23,529 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Flowserve by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company’s stock valued at $90,761,000 after buying an additional 4,414 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock valued at $86,055,000 after buying an additional 422,141 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of NYSE FLS opened at $55.38 on Friday. Flowserve Co. has a fifty-two week low of $41.60 and a fifty-two week high of $65.08. The company has a 50 day simple moving average of $60.57 and a two-hundred day simple moving average of $55.78. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.21 and a beta of 1.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Analysts expect that Flowserve Co. will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s payout ratio is 39.25%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FLS shares. StockNews.com cut shares of Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday. Royal Bank of Canada reduced their price target on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday. TD Cowen boosted their price target on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Bank of America boosted their price target on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and boosted their price target for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

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.