Pallas Capital Advisors LLC Grows Position in Flowserve Co. (NYSE:FLS)

Pallas Capital Advisors LLC grew its holdings in shares of Flowserve Co. (NYSE:FLS) by 23.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,297 shares of the industrial products company’s stock after purchasing an additional 3,457 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Flowserve were worth $961,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of FLS. Signaturefd LLC boosted its holdings in Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the third quarter worth $27,000. nVerses Capital LLC purchased a new stake in shares of Flowserve during the second quarter worth $34,000. Allworth Financial LP grew its position in shares of Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 403 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Flowserve by 166.0% during the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on FLS shares. Bank of America restated a “buy” rating and issued a $60.00 target price on shares of Flowserve in a research note on Tuesday, September 24th. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Robert W. Baird raised their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group upped their price target on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.50.

Flowserve Trading Up 2.3 %

NYSE FLS opened at $54.14 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock’s 50-day simple moving average is $50.47 and its two-hundred day simple moving average is $48.89. Flowserve Co. has a twelve month low of $35.80 and a twelve month high of $55.90. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 1.27 and a beta of 1.39.

Flowserve (NYSE:FLS) last announced its quarterly earnings data 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). The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 earnings per share. Research analysts forecast that Flowserve Co. will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.55%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

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.