Granite Investment Partners LLC Buys Shares of 70,653 Flowserve Co. (NYSE:FLS)

Granite Investment Partners LLC acquired a new position in shares of Flowserve Co. (NYSE:FLS) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 70,653 shares of the industrial products company’s stock, valued at approximately $4,064,000.

A number of other institutional investors also recently made changes to their positions in the stock. Headlands Technologies LLC raised its holdings in Flowserve by 4,790.0% in the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 479 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Flowserve during the 3rd quarter valued at $29,000. UMB Bank n.a. boosted its position in shares of Flowserve by 64.2% in the fourth quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock worth $41,000 after buying an additional 278 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Flowserve by 185.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 595 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Flowserve by 34.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,070 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 275 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FLS has been the topic of a number of recent analyst reports. TD Cowen boosted their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. StockNews.com cut Flowserve from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Robert W. Baird upgraded Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, March 17th. Citigroup dropped their price objective on Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Royal Bank of Canada reduced their target price on Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Stock Performance

Shares of FLS opened at $42.23 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. Flowserve Co. has a 12-month low of $37.34 and a 12-month high of $65.08. The business’s fifty day moving average price is $51.93 and its 200 day moving average price is $56.08. The stock has a market capitalization of $5.56 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22.

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

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, March 28th. Flowserve’s dividend payout ratio is presently 39.25%.

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.