Flowserve Co. (NYSE:FLS) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of Flowserve Co. (NYSE:FLS) by 2.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 109,692 shares of the industrial products company’s stock after selling 3,028 shares during the period. The Manufacturers Life Insurance Company’s holdings in Flowserve were worth $5,670,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after buying an additional 1,596,429 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Flowserve in the second quarter valued at about $37,100,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Flowserve by 5,256.0% during the second 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 during the period. Interval Partners LP increased its stake in shares of Flowserve by 60.1% during the second quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock worth $44,593,000 after acquiring an additional 348,107 shares during the period. Finally, Algert Global LLC raised its holdings in Flowserve by 130.3% during the third quarter. Algert Global LLC now owns 109,079 shares of the industrial products company’s stock worth $5,638,000 after purchasing an additional 61,710 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Trading Down 0.5 %

NYSE FLS opened at $61.69 on Friday. The firm has a market capitalization of $8.10 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.48 and a beta of 1.41. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a one year low of $38.07 and a one year high of $62.32. The company’s 50 day moving average price is $56.58 and its 200 day moving average price is $51.09.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 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 analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The business’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. On average, sell-side analysts predict that Flowserve Co. will post 2.71 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FLS. Jefferies Financial Group assumed coverage on Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. Stifel Nicolaus increased their price objective on 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 target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Finally, Mizuho boosted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and an average price target of $61.30.

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.