Fisher Asset Management LLC Purchases 21,889 Shares of Flowserve Co. (NYSE:FLS)

Fisher Asset Management LLC raised its position in shares of Flowserve Co. (NYSE:FLS) by 3.9% during the third quarter, HoldingsChannel reports. The firm owned 579,955 shares of the industrial products company’s stock after purchasing an additional 21,889 shares during the period. Fisher Asset Management LLC’s holdings in Flowserve were worth $29,978,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in shares of Flowserve by 155.2% during 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 in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve during the second quarter worth approximately $37,100,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Flowserve by 5,256.0% in 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 during the last quarter. Interval Partners LP boosted its stake in shares of Flowserve by 60.1% in the 2nd quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock valued at $44,593,000 after purchasing an additional 348,107 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Flowserve by 58.3% during the 2nd quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock valued at $1,962,000 after purchasing an additional 15,029 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Stock Performance

Shares of FLS stock opened at $61.31 on Wednesday. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 30.35, a PEG ratio of 1.47 and a beta of 1.38. The stock has a fifty day moving average of $54.69 and a 200 day moving average of $50.46. Flowserve Co. has a 52 week low of $37.34 and a 52 week high of $62.22. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $1.12 billion. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts expect that Flowserve Co. will post 2.71 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on FLS shares. TD Cowen boosted their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Stifel Nicolaus boosted their target price on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research report on Thursday, October 10th. Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.