RBA Wealth Management LLC Purchases 4,510 Shares of Flowserve Co. (NYSE:FLS)

RBA Wealth Management LLC grew its position in shares of Flowserve Co. (NYSE:FLS) by 6.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 77,104 shares of the industrial products company’s stock after purchasing an additional 4,510 shares during the quarter. RBA Wealth Management LLC owned about 0.06% of Flowserve worth $3,985,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in shares of Flowserve by 185.9% during 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 acquired a new stake in shares of Flowserve during the 3rd quarter worth approximately $27,000. nVerses Capital LLC acquired a new stake in shares of Flowserve during the 2nd quarter worth approximately $34,000. GAMMA Investing LLC grew its position 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 worth $47,000 after buying an additional 616 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Flowserve during the 2nd quarter worth approximately $70,000. Institutional investors own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada lifted their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. Robert W. Baird lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday. They issued a “buy” rating and a $65.00 price target for the company. Finally, Stifel Nicolaus raised their price objective on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Flowserve Price Performance

FLS stock traded down $0.20 during mid-day trading on Tuesday, reaching $53.72. 544,076 shares of the company traded hands, compared to its average volume of 1,069,364. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The company has a market capitalization of $7.07 billion, a P/E ratio of 30.15, a P/E/G ratio of 1.27 and a beta of 1.39. Flowserve Co. has a 52-week low of $35.31 and a 52-week high of $55.90. The company has a fifty day moving average price of $49.88 and a 200-day moving average price of $48.70.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. Flowserve’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 earnings per share. As a group, analysts anticipate that Flowserve Co. will post 2.76 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Friday, September 27th. Flowserve’s payout ratio is currently 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.