Daiwa Securities Group Inc. Grows Stake in Flowserve Co. (NYSE:FLS)

Daiwa Securities Group Inc. increased its holdings in Flowserve Co. (NYSE:FLS) by 89.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,600 shares of the industrial products company’s stock after purchasing an additional 1,700 shares during the period. Daiwa Securities Group Inc.’s holdings in Flowserve were worth $186,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. 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 valued at $27,000 after buying an additional 370 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Flowserve during the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Flowserve in the third quarter worth approximately $29,000. nVerses Capital LLC purchased a new position in Flowserve in the 2nd quarter worth about $34,000. Finally, Allworth Financial LP increased its position in shares of Flowserve by 159.9% during the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLS. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Bank of America upped their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Stifel Nicolaus raised their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird boosted their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Mizuho raised their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Price Performance

Shares of NYSE FLS opened at $61.02 on Monday. The company’s 50-day moving average price is $55.77 and its 200 day moving average price is $50.78. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 1.47 and a beta of 1.38. Flowserve Co. has a 52 week low of $37.66 and a 52 week high of $62.22. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last announced 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 for 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 period in the prior year, the firm earned $0.50 earnings per share. As a group, research analysts forecast that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Company 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.