107,194 Shares in Flowserve Co. (NYSE:FLS) Bought by Cannell & Spears LLC

Cannell & Spears LLC purchased a new position in shares of Flowserve Co. (NYSE:FLS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 107,194 shares of the industrial products company’s stock, valued at approximately $6,166,000.

Other large investors also recently bought and sold shares of the company. State Street Corp raised its stake in Flowserve by 1.0% in the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after acquiring an additional 37,132 shares during the last quarter. Vestcor Inc acquired a new stake in Flowserve during the 3rd quarter valued at approximately $714,000. Stifel Financial Corp boosted its holdings in shares of Flowserve by 14.0% in the 3rd quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company’s stock valued at $12,619,000 after acquiring an additional 29,979 shares during the last quarter. New York Life Investment Management LLC acquired a new stake in shares of Flowserve in the fourth quarter worth $800,000. Finally, GAMMA Investing LLC raised its holdings in shares of Flowserve by 19.1% during the fourth quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FLS. StockNews.com downgraded Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and lifted their price target for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Mizuho upped their price objective on Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Royal Bank of Canada decreased their target price on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Finally, Stifel Nicolaus raised their price target on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Price Performance

NYSE:FLS opened at $48.88 on Tuesday. The firm has a market cap of $6.44 billion, a P/E ratio of 22.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.43. The stock has a 50 day moving average of $56.24 and a two-hundred day moving average of $56.58. Flowserve Co. has a 12 month low of $43.66 and a 12 month high of $65.08. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.07). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, analysts expect that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a yield of 1.72%. 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.