Exchange Traded Concepts LLC Acquires 22,426 Shares of Flowserve Co. (NYSE:FLS)

Exchange Traded Concepts LLC boosted its stake in Flowserve Co. (NYSE:FLS) by 294.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,055 shares of the industrial products company’s stock after acquiring an additional 22,426 shares during the period. Exchange Traded Concepts LLC’s holdings in Flowserve were worth $1,729,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. True Wealth Design LLC bought a new stake in shares of Flowserve during the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC bought a new stake in Flowserve during the 3rd quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in Flowserve during the 3rd quarter valued at approximately $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Flowserve during the 3rd quarter worth approximately $29,000. Finally, Allworth Financial LP raised its position in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

FLS has been the topic of several recent research reports. Bank of America upped their price target on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Stifel Nicolaus increased their price target on shares of Flowserve from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 27th. Citigroup decreased their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Mizuho boosted their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Flowserve Price Performance

NYSE FLS opened at $64.06 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 1.31 and a beta of 1.42. The stock has a 50-day moving average of $60.27 and a 200 day moving average of $54.16. Flowserve Co. has a one year low of $39.69 and a one year high of $65.08.

Flowserve (NYSE:FLS) last released its quarterly earnings data 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). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts forecast that Flowserve Co. will post 2.7 EPS for the current year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.31%. Flowserve’s payout ratio is 41.58%.

Flowserve 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.