Engineers Gate Manager LP Acquires New Shares in Flowserve Co. (NYSE:FLS)

Engineers Gate Manager LP bought a new position in Flowserve Co. (NYSE:FLS – Get Rating) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 18,703 shares of the industrial products company’s stock, valued at approximately $454,000.

Other hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Flowserve by 8.6% during the 3rd quarter. Federated Hermes Inc. now owns 41,246 shares of the industrial products company’s stock worth $1,002,000 after acquiring an additional 3,271 shares during the period. First Trust Advisors LP lifted its position in shares of Flowserve by 0.3% in the 3rd quarter. First Trust Advisors LP now owns 847,784 shares of the industrial products company’s stock valued at $20,601,000 after acquiring an additional 2,207 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Flowserve by 61.0% during the third quarter. Bank of New York Mellon Corp now owns 4,920,393 shares of the industrial products company’s stock valued at $119,564,000 after buying an additional 1,864,418 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in shares of Flowserve in the third quarter worth approximately $1,382,000. Finally, Royal Bank of Canada boosted its position in Flowserve by 2.9% during the third quarter. Royal Bank of Canada now owns 104,159 shares of the industrial products company’s stock valued at $2,530,000 after purchasing an additional 2,977 shares during the last quarter. 99.88% of the stock is currently owned by institutional investors.

Flowserve Price Performance

NYSE:FLS opened at $32.23 on Monday. The company has a current ratio of 1.97, a quick ratio of 1.33 and a debt-to-equity ratio of 0.66. The firm has a fifty day simple moving average of $33.97 and a 200 day simple moving average of $30.76. Flowserve Co. has a 1-year low of $23.89 and a 1-year high of $37.59. The stock has a market capitalization of $4.23 billion, a PE ratio of 22.54, a P/E/G ratio of 0.90 and a beta of 1.61.

Flowserve (NYSE:FLS – Get Rating) last issued its earnings results on Wednesday, February 22nd. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.20. Flowserve had a net margin of 5.22% and a return on equity of 8.14%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the firm earned $0.45 EPS. Flowserve’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, research analysts expect that Flowserve Co. will post 1.66 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 7th. Investors of record on Friday, March 24th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, March 23rd. This represents a $0.80 annualized dividend and a yield of 2.48%. Flowserve’s payout ratio is currently 55.94%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. StockNews.com raised shares of Flowserve from a “hold” rating to a “buy” rating in a report on Thursday, February 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $30.00 target price on shares of Flowserve in a research note on Thursday, February 23rd. Bank of America upgraded shares of Flowserve from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a research report on Monday, January 30th. They noted that the move was a valuation call. TheStreet raised Flowserve from a “c” rating to a “b” rating in a research note on Tuesday, February 21st. Finally, Mizuho boosted their price objective on Flowserve from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, January 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.00.

About Flowserve

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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Flowserve Pumps Division and Flow Control Division. The Flowserve Pumps Division segment provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services.