Flowserve Co. (NYSE:FLS) is Taika Capital LP’s 3rd Largest Position

Taika Capital LP increased its position in Flowserve Co. (NYSE:FLS) by 39.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,133 shares of the industrial products company’s stock after acquiring an additional 35,693 shares during the quarter. Flowserve comprises approximately 4.9% of Taika Capital LP’s holdings, making the stock its 3rd biggest position. Taika Capital LP owned about 0.10% of Flowserve worth $6,468,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Flowserve by 1.0% in the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after purchasing an additional 37,132 shares during the period. AQR Capital Management LLC boosted its stake in Flowserve by 31.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares during the period. Earnest Partners LLC boosted its stake in Flowserve by 4.8% in the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after purchasing an additional 121,873 shares during the period. Millennium Management LLC boosted its stake in Flowserve by 155.2% in 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. Finally, Thrivent Financial for Lutherans boosted its stake in Flowserve by 1.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock worth $134,577,000 after purchasing an additional 44,039 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FLS has been the subject of a number of research reports. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. Mizuho increased their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Bank of America increased 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. One research 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. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Stock Performance

FLS stock opened at $61.69 on Friday. 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 business’s fifty day simple moving average is $56.58 and its two-hundred day simple moving average is $51.09. Flowserve Co. has a twelve month low of $38.07 and a twelve month high of $62.32. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.48 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 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 business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts predict that Flowserve Co. will post 2.71 earnings per share for the current year.

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.