Ritholtz Wealth Management Invests $318,000 in Flowserve Corporation (NYSE:FLS)

Ritholtz Wealth Management acquired a new position in shares of Flowserve Corporation (NYSE:FLS) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,514 shares of the industrial products company’s stock, valued at approximately $318,000.

Several other hedge funds have also recently bought and sold shares of the business. Headlands Technologies LLC lifted its position in Flowserve by 4,790.0% during the fourth quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock valued at $28,000 after buying an additional 479 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Flowserve during the fourth quarter valued at approximately $33,000. Colonial Trust Co SC lifted its position in Flowserve by 415.7% during the fourth quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock valued at $34,000 after buying an additional 478 shares in the last quarter. True Wealth Design LLC lifted its position in Flowserve by 80.1% during the fourth quarter. True Wealth Design LLC now owns 886 shares of the industrial products company’s stock valued at $51,000 after buying an additional 394 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Flowserve by 185.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 915 shares of the industrial products company’s stock valued at $53,000 after buying an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Trading Down 1.0%

FLS opened at $45.97 on Friday. The stock has a market capitalization of $6.01 billion, a PE ratio of 21.48, a P/E/G ratio of 1.06 and a beta of 1.26. The firm’s fifty day moving average price is $47.25 and its 200 day moving average price is $52.94. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.07 and a quick ratio of 1.46. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $65.08.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.13. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.58 earnings per share. As a group, research analysts expect that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.83%. Flowserve’s payout ratio is currently 39.25%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FLS shares. Stifel Nicolaus lifted their price target on shares of Flowserve from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Robert W. Baird reduced their price target on shares of Flowserve from $71.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Wall Street Zen raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 6th. Mizuho set a $60.00 price target on shares of Flowserve in a research report on Friday, May 16th. Finally, Citigroup reduced their price target on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $63.00.

About Flowserve

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.