New Century Financial Group LLC Acquires New Holdings in Flowserve Corporation $FLS

New Century Financial Group LLC acquired a new position in shares of Flowserve Corporation (NYSE:FLS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,373 shares of the industrial products company’s stock, valued at approximately $1,189,000. Flowserve makes up about 2.1% of New Century Financial Group LLC’s portfolio, making the stock its 17th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vaughan Nelson Investment Management L.P. increased its holdings in Flowserve by 32.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 662,685 shares of the industrial products company’s stock worth $35,215,000 after purchasing an additional 161,560 shares in the last quarter. D.A. Davidson & CO. raised its position in Flowserve by 67.1% in the 3rd quarter. D.A. Davidson & CO. now owns 34,914 shares of the industrial products company’s stock valued at $1,855,000 after buying an additional 14,025 shares during the last quarter. GoalVest Advisory LLC bought a new position in shares of Flowserve during the 3rd quarter worth approximately $130,000. Fifth Third Wealth Advisors LLC grew its stake in shares of Flowserve by 12.6% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 4,462 shares of the industrial products company’s stock worth $237,000 after acquiring an additional 501 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. raised its holdings in shares of Flowserve by 49.5% in the third quarter. Financiere des Professionnels Fonds d investissement inc. now owns 6,070 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 2,009 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FLS shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flowserve in a research report on Wednesday, October 8th. Zacks Research downgraded shares of Flowserve from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Bank of America restated a “neutral” rating and issued a $73.00 price objective (up previously from $60.00) on shares of Flowserve in a report on Friday, November 14th. Wall Street Zen downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 28th. Finally, UBS Group upped their target price on Flowserve from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and a consensus target price of $78.60.

Flowserve Price Performance

NYSE:FLS opened at $72.72 on Wednesday. The company has a quick ratio of 1.54, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average price is $70.08 and its two-hundred day moving average price is $59.33. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 1.29 and a beta of 1.29. Flowserve Corporation has a 12-month low of $37.34 and a 12-month high of $74.63.

Flowserve (NYSE:FLS) last issued its earnings results on Tuesday, October 28th. The industrial products company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 19.41% and a net margin of 9.66%.The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 EPS. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. On average, analysts anticipate that Flowserve Corporation will post 3.18 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 26th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, December 26th. Flowserve’s payout ratio is currently 24.42%.

Insider Activity

In related news, CFO Amy B. Schwetz sold 47,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $71.02, for a total value of $3,337,940.00. Following the transaction, the chief financial officer owned 52,628 shares in the company, valued at approximately $3,737,640.56. This represents a 47.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lamar L. Duhon sold 1,609 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $69.51, for a total transaction of $111,841.59. Following the completion of the transaction, the insider directly owned 15,116 shares in the company, valued at approximately $1,050,713.16. This represents a 9.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 59,276 shares of company stock valued at $4,196,578 over the last ninety days. 0.72% of the stock is currently owned by company insiders.

Flowserve Profile

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.