Millrace Asset Group Inc. Has $1.35 Million Stock Holdings in Flowserve Co. (NYSE:FLS)

Millrace Asset Group Inc. decreased its stake in Flowserve Co. (NYSE:FLS) by 7.1% in the third quarter, HoldingsChannel reports. The firm owned 26,024 shares of the industrial products company’s stock after selling 1,986 shares during the period. Millrace Asset Group Inc.’s holdings in Flowserve were worth $1,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FLS. KPP Advisory Services LLC raised its holdings in shares of Flowserve by 3.2% during the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock valued at $364,000 after acquiring an additional 215 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Flowserve by 1.1% in the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock valued at $1,330,000 after purchasing an additional 277 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Flowserve by 3.9% in the third quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock worth $442,000 after buying an additional 318 shares during the period. Verdence Capital Advisors LLC raised its position in Flowserve by 4.5% during the third quarter. Verdence Capital Advisors LLC now owns 7,907 shares of the industrial products company’s stock valued at $409,000 after buying an additional 342 shares during the period. Finally, Signaturefd LLC lifted its stake in Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares in the last quarter. 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 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 capitalization 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. The business has a 50-day moving average of $54.39 and a two-hundred day moving average of $50.37. Flowserve Co. has a fifty-two week low of $37.34 and a fifty-two week high of $62.22.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company earned $0.50 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities research analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FLS shares. Bank of America upped their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird increased 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. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. Mizuho increased their price objective on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, TD Cowen boosted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. 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. According to MarketBeat.com, Flowserve currently has an average 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.