Flowserve Co. (NYSE:FLS) Short Interest Down 7.4% in November

Flowserve Co. (NYSE:FLS) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,370,000 shares, a drop of 7.4% from the October 31st total of 1,480,000 shares. Based on an average trading volume of 1,310,000 shares, the days-to-cover ratio is currently 1.0 days.

Flowserve Trading Up 0.1 %

Shares of FLS traded up $0.07 during mid-day trading on Wednesday, reaching $61.62. 226,383 shares of the company’s stock traded hands, compared to its average volume of 1,102,347. The stock’s 50-day moving average is $56.20 and its two-hundred day moving average is $50.94. Flowserve has a 12 month low of $38.07 and a 12 month high of $62.22. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The stock has a market cap of $8.10 billion, a P/E ratio of 30.47, a P/E/G ratio of 1.47 and a beta of 1.41.

Flowserve (NYSE:FLS) last released its 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). The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. Research analysts forecast that Flowserve will post 2.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FLS shares. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Mizuho raised 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. Jefferies Financial Group began coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Bank of America increased their price objective on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and a consensus price target of $61.30.

Hedge Funds Weigh In On Flowserve

A number of institutional investors have recently modified their holdings of FLS. Millennium Management LLC increased its holdings in Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after purchasing an additional 1,596,429 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Flowserve in the second quarter worth about $37,100,000. Wealth Enhancement Advisory Services LLC lifted its stake in Flowserve by 5,256.0% in 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 grew its holdings in Flowserve by 60.1% during the 2nd 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 in the last quarter. Finally, Algert Global LLC increased its position in Flowserve by 130.3% during the 3rd quarter. Algert Global LLC now owns 109,079 shares of the industrial products company’s stock valued at $5,638,000 after purchasing an additional 61,710 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.