Cannell & Spears LLC Takes $6.17 Million Position in Flowserve Co. (NYSE:FLS)

Cannell & Spears LLC bought a new position in Flowserve Co. (NYSE:FLS) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 107,194 shares of the industrial products company’s stock, valued at approximately $6,166,000. Cannell & Spears LLC owned approximately 0.08% of Flowserve at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Flowserve by 1.0% during the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock valued at $201,685,000 after acquiring an additional 37,132 shares during the last quarter. Vestcor Inc purchased a new stake in Flowserve during the third quarter valued at $714,000. Stifel Financial Corp lifted its position in Flowserve by 14.0% during the third quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company’s stock valued at $12,619,000 after purchasing an additional 29,979 shares during the last quarter. New York Life Investment Management LLC purchased a new position in shares of Flowserve in the 4th quarter worth $800,000. Finally, GAMMA Investing LLC increased its holdings in shares of Flowserve by 19.1% in the 4th quarter. GAMMA Investing LLC now owns 1,807 shares of the industrial products company’s stock worth $104,000 after buying an additional 290 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Flowserve Stock Performance

Shares of NYSE:FLS opened at $48.88 on Tuesday. Flowserve Co. has a one year low of $43.66 and a one year high of $65.08. The firm has a market cap of $6.44 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.43. The firm’s 50 day simple moving average is $56.24 and its 200-day simple moving average is $56.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. As a group, equities analysts predict that Flowserve Co. will post 3.18 EPS for the current year.

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s payout ratio is currently 39.25%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FLS. StockNews.com lowered Flowserve from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Robert W. Baird raised Flowserve from a “neutral” rating to an “outperform” rating and set a $71.00 target price on the stock in a research report on Monday, March 17th. Stifel Nicolaus raised their price target on Flowserve from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Citigroup cut their price objective on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Mizuho raised their target price on shares of Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve 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.