QUANTRES ASSET MANAGEMENT Ltd bought a new stake in Flowserve Corp (NYSE:FLS) during the third quarter, HoldingsChannel reports. The fund bought 8,000 shares of the industrial products company’s stock, valued at approximately $438,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Zurich Insurance Group Ltd FI purchased a new stake in Flowserve in the second quarter valued at approximately $131,000. Visionary Asset Management Inc. purchased a new stake in Flowserve in the third quarter valued at approximately $218,000. Point72 Hong Kong Ltd purchased a new stake in Flowserve in the second quarter valued at approximately $163,000. Tower Research Capital LLC TRC purchased a new stake in Flowserve in the second quarter valued at approximately $174,000. Finally, Marshwinds Advisory Co. purchased a new stake in Flowserve in the third quarter valued at approximately $246,000.
Shares of NYSE:FLS opened at $45.90 on Wednesday. Flowserve Corp has a 12-month low of $37.71 and a 12-month high of $56.86. The company has a market capitalization of $5.90 billion, a price-to-earnings ratio of 33.75, a P/E/G ratio of 1.52 and a beta of 1.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.25 and a quick ratio of 1.61.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, September 20th. Flowserve’s payout ratio is 55.88%.
A number of equities research analysts recently commented on FLS shares. Royal Bank of Canada reiterated a “hold” rating and issued a $40.00 target price on shares of Flowserve in a research report on Friday, July 13th. Morgan Stanley started coverage on Flowserve in a research report on Monday, August 20th. They issued an “equal weight” rating and a $50.00 target price on the stock. Zacks Investment Research upgraded Flowserve from a “sell” rating to a “hold” rating in a research report on Monday, August 13th. Credit Suisse Group started coverage on Flowserve in a research report on Friday, October 12th. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, Vertical Research lowered Flowserve from a “hold” rating to a “sell” rating and set a $44.00 target price on the stock. in a research report on Thursday, October 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $48.86.
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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