Van ECK Associates Corp Invests $5.83 Million in Flowserve Co. (NYSE:FLS)

Van ECK Associates Corp acquired a new position in shares of Flowserve Co. (NYSE:FLS) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 101,382 shares of the industrial products company’s stock, valued at approximately $5,831,000.

Several other large investors also recently modified their holdings of the company. State Street Corp grew its holdings in Flowserve by 1.0% in the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after purchasing an additional 37,132 shares during the period. Thrivent Financial for Lutherans grew its holdings in Flowserve by 1.7% in the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock worth $134,577,000 after purchasing an additional 44,039 shares during the period. Geode Capital Management LLC grew its holdings in Flowserve by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after purchasing an additional 23,529 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Flowserve by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,755,881 shares of the industrial products company’s stock worth $90,761,000 after purchasing an additional 4,414 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock valued at $86,055,000 after buying an additional 422,141 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Stock Performance

Shares of FLS stock opened at $62.25 on Tuesday. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 30.82, a P/E/G ratio of 1.29 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a 52 week low of $41.60 and a 52 week high of $65.08. The firm’s 50-day simple moving average is $60.75 and its two-hundred day simple moving average is $55.55.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.35%. The ex-dividend date was Friday, December 27th. Flowserve’s dividend payout ratio is 41.58%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLS. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Bank of America lifted their price objective on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Stifel Nicolaus lifted their price objective on shares of Flowserve from $72.00 to $75.00 and gave the company a “buy” rating in a report on Friday, January 24th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Finally, Citigroup dropped their price target on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $67.50.

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.