Gabelli Funds LLC Has $69.73 Million Position in Flowserve Co. (NYSE:FLS)

Gabelli Funds LLC trimmed its stake in shares of Flowserve Co. (NYSE:FLS) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,212,267 shares of the industrial products company’s stock after selling 38,100 shares during the quarter. Gabelli Funds LLC’s holdings in Flowserve were worth $69,730,000 at the end of the most recent reporting period.

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

Flowserve Price Performance

Shares of NYSE:FLS opened at $42.46 on Tuesday. The stock has a market cap of $5.59 billion, a PE ratio of 19.84, a PEG ratio of 1.35 and a beta of 1.22. Flowserve Co. has a 52 week low of $37.34 and a 52 week high of $65.08. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The company’s fifty day moving average is $51.52 and its 200 day moving average is $56.02.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share 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 for the quarter, compared to the consensus estimate of $1.21 billion. Research analysts anticipate that Flowserve Co. will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, March 28th. Flowserve’s payout ratio is 39.25%.

Wall Street Analyst Weigh In

FLS has been the subject of a number of research analyst reports. Robert W. Baird upgraded Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 target price for the company in a report on Monday, March 17th. Royal Bank of Canada dropped their price target on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Mizuho boosted 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. Citigroup decreased their target price on Flowserve from $72.00 to $56.00 and set a “buy” rating for the company in a research report on Monday. Finally, Baird R W raised shares of Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $64.30.

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.