Affinity Wealth Management LLC Buys New Shares in Flowserve Co. (NYSE:FLS)

Affinity Wealth Management LLC purchased a new stake in Flowserve Co. (NYSE:FLS) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,509 shares of the industrial products company’s stock, valued at approximately $202,000.

Several other institutional investors have also recently made changes to their positions in the stock. Fifth Third Bancorp boosted its holdings in Flowserve by 516.4% in the fourth quarter. Fifth Third Bancorp now owns 7,545 shares of the industrial products company’s stock worth $434,000 after acquiring an additional 6,321 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Flowserve by 294.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 30,055 shares of the industrial products company’s stock worth $1,729,000 after purchasing an additional 22,426 shares in the last quarter. Oliver Luxxe Assets LLC acquired a new stake in Flowserve in the 4th quarter valued at $2,753,000. Veracity Capital LLC increased its stake in Flowserve by 24.2% during the 4th quarter. Veracity Capital LLC now owns 14,043 shares of the industrial products company’s stock valued at $808,000 after purchasing an additional 2,736 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Flowserve by 18.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 42,050 shares of the industrial products company’s stock worth $2,419,000 after buying an additional 6,584 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stifel Nicolaus boosted their target price on shares of Flowserve from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday. Jefferies Financial Group initiated coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. Bank of America raised their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Mizuho upped their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Flowserve Price Performance

Shares of NYSE:FLS opened at $64.06 on Friday. The company has a market capitalization of $8.42 billion, a P/E ratio of 31.71, a price-to-earnings-growth ratio of 1.31 and a beta of 1.42. The company’s 50-day moving average is $60.27 and its 200 day moving average is $54.11. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a fifty-two week low of $39.69 and a fifty-two week high of $65.08.

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 analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts forecast that Flowserve Co. will post 2.7 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date was Friday, December 27th. Flowserve’s dividend payout ratio is currently 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.