Fmr LLC Purchases 120,396 Shares of Flowserve Co. (NYSE:FLS)

Fmr LLC lifted its position in shares of Flowserve Co. (NYSE:FLS) by 15.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 893,200 shares of the industrial products company’s stock after buying an additional 120,396 shares during the quarter. Fmr LLC owned about 0.68% of Flowserve worth $46,170,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Signaturefd LLC grew its holdings in Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares during the period. V Square Quantitative Management LLC acquired a new stake in Flowserve during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in Flowserve during the third quarter worth approximately $29,000. nVerses Capital LLC acquired a new position in Flowserve in the second quarter valued at approximately $34,000. Finally, Allworth Financial LP lifted 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 valued at $34,000 after buying an additional 403 shares during the period. Institutional investors own 93.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. 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 research note on Wednesday, October 30th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Robert W. Baird raised their target price on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. Finally, The Goldman Sachs Group raised their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Stock Performance

NYSE FLS opened at $60.83 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The company has a market capitalization of $7.99 billion, a PE ratio of 30.11, a price-to-earnings-growth ratio of 1.49 and a beta of 1.41. Flowserve Co. has a 52-week low of $38.07 and a 52-week high of $62.32. The company has a 50-day simple moving average of $56.77 and a 200 day simple moving average of $51.17.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, research analysts predict that Flowserve Co. will post 2.71 EPS for the current year.

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.