The Manufacturers Life Insurance Company Trims Position in Flowserve Co. (NYSE:FLS)

The Manufacturers Life Insurance Company trimmed its stake in Flowserve Co. (NYSE:FLS) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,692 shares of the industrial products company’s stock after selling 3,028 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Flowserve worth $5,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Signaturefd LLC increased its position in Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Flowserve during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in Flowserve during the third quarter valued at approximately $29,000. nVerses Capital LLC bought a new position in Flowserve in the second quarter worth approximately $34,000. Finally, Allworth Financial LP raised its stake in Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after buying an additional 403 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Price Performance

NYSE:FLS opened at $61.69 on Friday. The stock has a 50 day moving average price of $56.58 and a 200 day moving average price of $51.09. The stock has a market cap of $8.10 billion, a PE ratio of 30.54, a P/E/G ratio of 1.48 and a beta of 1.41. 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 one year low of $38.07 and a one year high of $62.32.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. Equities research analysts expect that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FLS has been the topic of several analyst reports. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Mizuho lifted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, The Goldman Sachs Group increased their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.30.

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.