Eastern Bank Makes New Investment in Flowserve Corporation (NYSE:FLS)

Eastern Bank purchased a new position in shares of Flowserve Corporation (NYSE:FLS) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 43,792 shares of the industrial products company’s stock, valued at approximately $2,139,000.

Several other hedge funds have also recently added to or reduced their stakes in FLS. Headlands Technologies LLC lifted its stake in shares of Flowserve by 4,790.0% in the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 479 shares during the last quarter. Park Square Financial Group LLC bought a new stake in shares of Flowserve in the 4th quarter valued at about $33,000. Colonial Trust Co SC lifted its stake in shares of Flowserve by 415.7% in the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 478 shares during the last quarter. True Wealth Design LLC lifted its stake in shares of Flowserve by 80.1% in the 4th quarter. True Wealth Design LLC now owns 886 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 394 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Flowserve by 71.5% in the 1st quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 429 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Stock Down 0.3%

FLS stock opened at $56.01 on Thursday. Flowserve Corporation has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The business’s 50 day moving average price is $50.99 and its two-hundred day moving average price is $51.77. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 25.34, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25.

Flowserve (NYSE:FLS) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Flowserve had a return on equity of 18.64% and a net margin of 6.28%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. As a group, analysts forecast that Flowserve Corporation will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a $0.21 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.50%. Flowserve’s payout ratio is currently 39.25%.

Wall Street Analyst Weigh In

FLS has been the topic of a number of research analyst reports. Mizuho set a $60.00 price target on Flowserve in a report on Friday, May 16th. Wall Street Zen upgraded Flowserve from a “buy” rating to a “strong-buy” rating in a report on Friday, June 6th. The Goldman Sachs Group boosted their price target on Flowserve from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Stifel Nicolaus boosted their price target on Flowserve from $59.00 to $63.00 and gave the company a “buy” rating in a report on Monday, July 21st. Finally, Robert W. Baird reduced their price target on Flowserve from $71.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $64.00.

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.