Oliver Luxxe Assets LLC Buys Shares of 47,864 Flowserve Co. (NYSE:FLS)

Oliver Luxxe Assets LLC purchased a new position in shares of Flowserve Co. (NYSE:FLS) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 47,864 shares of the industrial products company’s stock, valued at approximately $2,753,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Insight Wealth Strategies LLC increased its position in Flowserve by 1.6% during the fourth quarter. Insight Wealth Strategies LLC now owns 67,744 shares of the industrial products company’s stock worth $3,897,000 after buying an additional 1,051 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Flowserve by 19.1% during the 4th quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 290 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Flowserve by 7.8% during the 3rd quarter. Franklin Resources Inc. now owns 70,645 shares of the industrial products company’s stock valued at $3,909,000 after acquiring an additional 5,127 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Flowserve in the 3rd quarter worth approximately $29,000. Finally, Sanctuary Advisors LLC lifted its holdings in Flowserve by 35.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 17,686 shares of the industrial products company’s stock worth $914,000 after purchasing an additional 4,670 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Stock Performance

Shares of FLS stock traded up $0.55 during mid-day trading on Monday, reaching $59.00. The stock had a trading volume of 989,463 shares, compared to its average volume of 835,171. The firm has a market cap of $7.75 billion, a PE ratio of 29.21, a P/E/G ratio of 1.48 and a beta of 1.42. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. Flowserve Co. has a one year low of $39.21 and a one year high of $62.32. The firm’s 50 day simple moving average is $58.92 and its 200 day simple moving average is $52.66.

Flowserve (NYSE:FLS) last posted its quarterly 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 return on equity of 17.10% and a net margin of 5.90%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.42%. Flowserve’s payout ratio is currently 41.58%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Mizuho lifted their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 27th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.40.

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.