Oliver Luxxe Assets LLC Invests $2.75 Million in Flowserve Co. (NYSE:FLS)

Oliver Luxxe Assets LLC acquired a new stake in shares of Flowserve Co. (NYSE:FLS) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 47,864 shares of the industrial products company’s stock, valued at approximately $2,753,000.

Other institutional investors have also bought and sold shares of the company. Insight Wealth Strategies LLC raised its position in shares of Flowserve by 1.6% during the 4th quarter. Insight Wealth Strategies LLC now owns 67,744 shares of the industrial products company’s stock worth $3,897,000 after buying an additional 1,051 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Flowserve by 19.1% during the fourth quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 290 shares during the period. Franklin Resources Inc. raised its holdings in Flowserve by 7.8% during the third quarter. Franklin Resources Inc. now owns 70,645 shares of the industrial products company’s stock worth $3,909,000 after purchasing an additional 5,127 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Flowserve in the third quarter worth approximately $29,000. Finally, Sanctuary Advisors LLC increased its position in shares of Flowserve by 35.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 17,686 shares of the industrial products company’s stock valued at $914,000 after purchasing an additional 4,670 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Up 0.9 %

Shares of Flowserve stock traded up $0.55 during midday trading on Monday, hitting $59.00. The company’s stock had a trading volume of 989,463 shares, compared to its average volume of 835,171. The firm has a market capitalization of $7.75 billion, a P/E ratio of 29.21, a PEG ratio of 1.48 and a beta of 1.42. Flowserve Co. has a 1-year low of $39.21 and a 1-year high of $62.32. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $58.92 and a 200-day simple moving average of $52.66.

Flowserve (NYSE:FLS) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. As a group, sell-side analysts expect that Flowserve Co. will post 2.71 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.42%. Flowserve’s payout ratio is 41.58%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. Stifel Nicolaus raised their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $57.00 to $69.00 in a report on Friday, November 22nd. Citigroup raised their target price on shares of Flowserve from $65.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Flowserve currently has an average rating of “Moderate Buy” and an average price target of $64.40.

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.