Point72 Hong Kong Ltd Takes Position in Flowserve Co. (NYSE:FLS)

Point72 Hong Kong Ltd purchased a new position in Flowserve Co. (NYSE:FLS) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 31,842 shares of the industrial products company’s stock, valued at approximately $1,646,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake 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 valued at $126,259,000 after purchasing an additional 1,596,429 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in Flowserve during the second quarter worth $37,100,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Flowserve by 5,256.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after acquiring an additional 600,866 shares during the period. 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% in the 2nd quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock worth $1,962,000 after purchasing an additional 15,029 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FLS. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird increased their price target on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America raised their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada upgraded 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 report on Friday, November 22nd. Finally, Jefferies Financial Group initiated coverage on Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. One investment 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.30.

Flowserve Stock Performance

Flowserve stock opened at $61.02 on Monday. Flowserve Co. has a 1 year low of $37.66 and a 1 year high of $62.22. The company’s 50-day moving average is $55.77 and its two-hundred day moving average is $50.78. 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 company has a market cap of $8.02 billion, a PE ratio of 30.21, a PEG ratio of 1.47 and a beta of 1.38.

Flowserve (NYSE:FLS) last announced its quarterly earnings data 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). The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. Flowserve’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. Equities analysts anticipate that Flowserve Co. will post 2.71 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.