State of New Jersey Common Pension Fund D Cuts Position in Flowserve Co. (NYSE:FLS)

State of New Jersey Common Pension Fund D lowered its holdings in shares of Flowserve Co. (NYSE:FLS) by 16.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,308 shares of the industrial products company’s stock after selling 7,776 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Flowserve were worth $2,084,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FLS. Crossmark Global Holdings Inc. grew its position in shares of Flowserve by 3.9% in the third quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock valued at $442,000 after purchasing an additional 318 shares during the period. Verdence Capital Advisors LLC boosted its holdings in Flowserve by 4.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,907 shares of the industrial products company’s stock worth $409,000 after buying an additional 342 shares during the last quarter. ABLE Financial Group LLC increased its stake in Flowserve by 5.5% during the 3rd quarter. ABLE Financial Group LLC now owns 16,965 shares of the industrial products company’s stock worth $877,000 after buying an additional 878 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Flowserve during the 3rd quarter worth approximately $111,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Flowserve by 14.0% in the third quarter. Janney Montgomery Scott LLC now owns 35,466 shares of the industrial products company’s stock valued at $1,833,000 after acquiring an additional 4,351 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Price Performance

NYSE:FLS opened at $59.25 on Friday. Flowserve Co. has a 52 week low of $37.24 and a 52 week high of $61.60. The stock’s fifty day moving average is $52.97 and its two-hundred day moving average is $49.91. The company has a market capitalization of $7.78 billion, a P/E ratio of 29.33, a P/E/G ratio of 1.44 and a beta of 1.38. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last issued its quarterly earnings data 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). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. Equities analysts expect that Flowserve Co. will post 2.72 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on FLS shares. The Goldman Sachs Group boosted their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research report on Thursday, October 10th. Bank of America increased their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada increased their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.10.

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.