Quest Partners LLC Cuts Stock Holdings in Flowserve Co. (NYSE:FLS)

Quest Partners LLC lessened its holdings in Flowserve Co. (NYSE:FLS) by 21.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 15,560 shares of the industrial products company’s stock after selling 4,256 shares during the period. Quest Partners LLC’s holdings in Flowserve were worth $804,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLS. Millennium Management LLC raised its holdings in Flowserve by 155.2% in the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after purchasing an additional 1,596,429 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve in the 2nd quarter worth approximately $37,100,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock worth $29,452,000 after acquiring an additional 600,866 shares in the last quarter. Interval Partners LP lifted its position in Flowserve by 60.1% during the second quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock valued at $44,593,000 after acquiring an additional 348,107 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Flowserve by 58.3% in the second quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock valued at $1,962,000 after acquiring an additional 15,029 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Trading Up 0.3 %

NYSE FLS opened at $60.06 on Friday. The company has a fifty day moving average of $53.83 and a 200 day moving average of $50.19. The company has a market capitalization of $7.89 billion, a PE ratio of 29.73, a P/E/G ratio of 1.44 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 Co. has a 1 year low of $37.24 and a 1 year high of $61.60.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus upped their price target on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Jefferies Financial Group began coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. Robert W. Baird boosted their price target on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America increased their price objective 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. Finally, StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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.