Wolverine Asset Management LLC Buys Shares of 75,000 Flowserve Co. (NYSE:FLS)

Wolverine Asset Management LLC acquired a new stake in Flowserve Co. (NYSE:FLS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 75,000 shares of the industrial products company’s stock, valued at approximately $3,092,000. Wolverine Asset Management LLC owned approximately 0.06% of Flowserve as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of FLS. National Bank of Canada FI raised its holdings in shares of Flowserve by 61.3% during the 3rd quarter. National Bank of Canada FI now owns 2,564 shares of the industrial products company’s stock worth $99,000 after acquiring an additional 974 shares during the period. CWM LLC raised its holdings in shares of Flowserve by 153.0% during the 3rd quarter. CWM LLC now owns 1,986 shares of the industrial products company’s stock worth $79,000 after acquiring an additional 1,201 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Flowserve by 92.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,667 shares of the industrial products company’s stock worth $623,000 after acquiring an additional 7,533 shares during the period. Raymond James & Associates raised its holdings in shares of Flowserve by 9.7% during the 3rd quarter. Raymond James & Associates now owns 431,223 shares of the industrial products company’s stock worth $17,150,000 after acquiring an additional 38,242 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Flowserve during the 3rd quarter worth about $2,053,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Down 0.5 %

Shares of Flowserve stock traded down $0.22 on Wednesday, reaching $46.86. 285,356 shares of the company were exchanged, compared to its average volume of 1,066,974. Flowserve Co. has a 1-year low of $32.05 and a 1-year high of $48.31. The company has a market cap of $6.15 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 1.31 and a beta of 1.46. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27. The stock’s 50 day moving average price is $44.60 and its 200-day moving average price is $41.07.

Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, February 21st. The industrial products company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. As a group, equities analysts forecast that Flowserve Co. will post 2.55 EPS for the current year.

Flowserve Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were paid a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.79%. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s payout ratio is currently 59.57%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FLS. Stifel Nicolaus raised their price objective on Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 18th. Citigroup lifted their target price on Flowserve from $50.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Robert W. Baird lifted their target price on Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Finally, Royal Bank of Canada lifted their target price on Flowserve from $43.00 to $46.00 and gave the company a “sector perform” rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $48.25.

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.