Freemont Management S.A. Boosts Position in Flowserve Co. (NYSE:FLS)

Freemont Management S.A. lifted its position in Flowserve Co. (NYSE:FLS) by 16.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,100 shares of the industrial products company’s stock after buying an additional 8,497 shares during the quarter. Flowserve makes up approximately 1.5% of Freemont Management S.A.’s portfolio, making the stock its 18th biggest holding. Freemont Management S.A.’s holdings in Flowserve were worth $3,107,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in Flowserve by 0.7% in the 1st quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock valued at $2,127,000 after purchasing an additional 305 shares during the period. Crossmark Global Holdings Inc. boosted its stake in Flowserve by 3.9% during the third quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock valued at $442,000 after buying an additional 318 shares during the period. Verdence Capital Advisors LLC grew 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 worth $409,000 after buying an additional 342 shares in the last quarter. Signaturefd LLC grew its position in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FLS shares. Robert W. Baird upped their price objective 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. Stifel Nicolaus raised their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Bank of America upped their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho raised their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Price Performance

Shares of FLS opened at $59.87 on Thursday. The company has a market capitalization of $7.87 billion, a P/E ratio of 29.64, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38. Flowserve Co. has a twelve month low of $37.24 and a twelve month high of $61.60. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $52.45 and a 200 day moving average of $49.76.

Flowserve (NYSE:FLS) last posted 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). The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the firm earned $0.50 EPS. As a group, equities research analysts anticipate that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

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.