Kingsview Wealth Management LLC Purchases New Position in Flowserve Co. (NYSE:FLS)

Kingsview Wealth Management LLC bought a new position in shares of Flowserve Co. (NYSE:FLS) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 41,455 shares of the industrial products company’s stock, valued at approximately $2,143,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLS. AQR Capital Management LLC boosted its position in Flowserve by 31.8% in the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares during the last quarter. Earnest Partners LLC boosted its holdings in shares of Flowserve by 4.8% in the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after buying an additional 121,873 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after buying an additional 1,596,429 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Flowserve by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock worth $134,577,000 after buying an additional 44,039 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Flowserve by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,249,297 shares of the industrial products company’s stock worth $108,191,000 after acquiring an additional 169,506 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of NYSE:FLS opened at $61.85 on Tuesday. The company has a 50 day moving average of $54.39 and a 200 day moving average of $50.37. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The stock has a market cap of $8.13 billion, a P/E ratio of 30.62, a P/E/G ratio of 1.47 and a beta of 1.38. Flowserve Co. has a 12 month low of $37.34 and a 12 month high of $62.22.

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 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 firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, sell-side analysts forecast that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Robert W. Baird increased their target price on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. TD Cowen raised their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Mizuho increased their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. The Goldman Sachs Group boosted their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $57.00 to $69.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

About Flowserve

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.