Wolverine Asset Management LLC Buys 1,000 Shares of Flowserve Co. (NYSE:FLS)

Wolverine Asset Management LLC grew its stake in Flowserve Co. (NYSE:FLS) by 6.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,000 shares of the industrial products company’s stock after buying an additional 1,000 shares during the period. Wolverine Asset Management LLC’s holdings in Flowserve were worth $879,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FLS. Signaturefd LLC lifted its position in shares of 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 purchasing an additional 370 shares during the period. V Square Quantitative Management LLC bought a new stake in Flowserve during the third quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in Flowserve during the 3rd quarter worth about $29,000. nVerses Capital LLC bought a new position in shares of Flowserve in the 2nd quarter worth about $34,000. Finally, Allworth Financial LP lifted its stake in shares of Flowserve by 159.9% in the 3rd 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 during the period. 93.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FLS has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. TD Cowen increased their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Bank of America boosted their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus lifted their price target on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. One investment 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. According to data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Price Performance

Flowserve stock opened at $60.43 on Wednesday. The stock has a market cap of $7.94 billion, a P/E ratio of 29.92, a P/E/G ratio of 1.44 and a beta of 1.38. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The company’s 50 day moving average price is $52.20 and its two-hundred day moving average price is $49.69. Flowserve Co. has a 52 week low of $37.24 and a 52 week high of $61.60.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. On average, equities analysts predict that Flowserve Co. will post 2.72 earnings per share for the current year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors 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 annualized dividend and a yield of 1.39%. Flowserve’s payout ratio is 41.58%.

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.