Ashton Thomas Securities LLC Takes Position in Flowserve Co. (NYSE:FLS)

Ashton Thomas Securities LLC purchased a new stake in Flowserve Co. (NYSE:FLS) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 565 shares of the industrial products company’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FLS. Sei Investments Co. grew its position in shares of Flowserve by 6.5% during the 1st quarter. Sei Investments Co. now owns 151,686 shares of the industrial products company’s stock worth $6,929,000 after buying an additional 9,204 shares during the period. State Board of Administration of Florida Retirement System raised its position in shares of Flowserve by 4.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 138,370 shares of the industrial products company’s stock valued at $6,321,000 after acquiring an additional 6,141 shares during the last quarter. Twin Tree Management LP lifted its stake in shares of Flowserve by 36.9% in the 1st quarter. Twin Tree Management LP now owns 30,634 shares of the industrial products company’s stock valued at $1,399,000 after purchasing an additional 8,250 shares during the period. Tocqueville Asset Management L.P. boosted its position in shares of Flowserve by 4.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 35,480 shares of the industrial products company’s stock worth $1,621,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in Flowserve by 936.7% in the first quarter. Edgestream Partners L.P. now owns 76,051 shares of the industrial products company’s stock valued at $3,474,000 after purchasing an additional 68,715 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FLS has been the subject of several analyst reports. Robert W. Baird boosted their target price on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America upped their target price 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. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. The Goldman Sachs Group upped their price objective on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Finally, TD Cowen lifted their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Stock Down 1.2 %

FLS stock opened at $59.17 on Friday. The business has a 50-day moving average of $52.70 and a 200-day moving average of $49.82. Flowserve Co. has a fifty-two week low of $37.24 and a fifty-two week high of $61.60. The stock has a market capitalization of $7.77 billion, a P/E ratio of 29.29, a P/E/G ratio of 1.45 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share 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 business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business earned $0.50 earnings per share. Flowserve’s revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

About Flowserve

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.