Freemont Management S.A. Raises Position in Flowserve Co. (NYSE:FLS)

Freemont Management S.A. lifted its stake in shares of Flowserve Co. (NYSE:FLS) by 16.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,100 shares of the industrial products company’s stock after buying an additional 8,497 shares during the period. Flowserve comprises about 1.5% of Freemont Management S.A.’s holdings, making the stock its 18th largest position. Freemont Management S.A.’s holdings in Flowserve were worth $3,107,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Sei Investments Co. grew its stake in shares of Flowserve by 6.5% in the 1st quarter. Sei Investments Co. now owns 151,686 shares of the industrial products company’s stock worth $6,929,000 after acquiring an additional 9,204 shares in the last quarter. Headlands Technologies LLC bought a new stake in Flowserve in the 1st quarter worth about $149,000. State Board of Administration of Florida Retirement System increased its stake in Flowserve by 4.6% in 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 buying an additional 6,141 shares during the last quarter. Twin Tree Management LP lifted its position in shares of Flowserve by 36.9% during the 1st quarter. Twin Tree Management LP now owns 30,634 shares of the industrial products company’s stock worth $1,399,000 after buying an additional 8,250 shares in the last quarter. Finally, Tocqueville Asset Management L.P. lifted its position in shares of Flowserve by 4.1% during 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 buying an additional 1,400 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Jefferies Financial Group started coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. TD Cowen raised their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Bank of America lifted their target price on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Mizuho increased 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. Finally, Royal Bank of Canada lifted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Price Performance

NYSE FLS opened at $59.87 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The company has a market cap of $7.87 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38. Flowserve Co. has a 52 week low of $37.24 and a 52 week high of $61.60. The firm’s 50-day simple moving average is $52.45 and its two-hundred day simple moving average is $49.76.

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

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.