RBA Wealth Management LLC Purchases 1,672 Shares of Flowserve Co. (NYSE:FLS)

RBA Wealth Management LLC grew its stake in Flowserve Co. (NYSE:FLS) by 2.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 78,776 shares of the industrial products company’s stock after buying an additional 1,672 shares during the quarter. Flowserve accounts for 1.7% of RBA Wealth Management LLC’s holdings, making the stock its 28th biggest position. RBA Wealth Management LLC’s holdings in Flowserve were worth $4,531,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. DAVENPORT & Co LLC increased its position in Flowserve by 41.5% during the fourth quarter. DAVENPORT & Co LLC now owns 7,164 shares of the industrial products company’s stock worth $412,000 after acquiring an additional 2,100 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of Flowserve in the 4th quarter valued at $291,000. BTC Capital Management Inc. bought a new stake in Flowserve during the 4th quarter valued at $231,000. OLD National Bancorp IN purchased a new position in Flowserve during the 4th quarter worth $229,000. Finally, Gries Financial LLC boosted its holdings in shares of Flowserve by 8.9% in the 4th quarter. Gries Financial LLC now owns 6,373 shares of the industrial products company’s stock worth $367,000 after buying an additional 520 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $55.00 to $69.00 in a research report on Thursday, December 12th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $57.00 to $69.00 in a research note on Friday, November 22nd. Robert W. Baird increased their price objective on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. TD Cowen lifted their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Stifel Nicolaus lifted their price objective on Flowserve from $72.00 to $75.00 and gave the company a “buy” rating in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Flowserve Stock Performance

NYSE FLS opened at $61.93 on Tuesday. The stock has a fifty day simple moving average of $60.42 and a 200-day simple moving average of $54.66. Flowserve Co. has a twelve month low of $40.04 and a twelve month high of $65.08. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The stock has a market cap of $8.14 billion, a PE ratio of 30.66, a P/E/G ratio of 1.28 and a beta of 1.42.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.36%. Flowserve’s dividend payout ratio is presently 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.