Massachusetts Financial Services Co. MA Raises Stake in Flowserve Co. (NYSE:FLS)

Massachusetts Financial Services Co. MA lifted its position in Flowserve Co. (NYSE:FLS) by 34.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,664,825 shares of the industrial products company’s stock after purchasing an additional 422,141 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Flowserve were worth $86,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Millennium Management LLC increased 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 buying an additional 1,596,429 shares in the last quarter. Silvercrest Asset Management Group LLC bought a new stake in Flowserve during the 1st quarter valued at approximately $41,413,000. Vaughan Nelson Investment Management L.P. purchased a new position in Flowserve in the 2nd quarter worth approximately $37,100,000. 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. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after buying an additional 600,866 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors.

Flowserve Stock Up 1.6 %

Shares of FLS opened at $61.00 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. Flowserve Co. has a 52-week low of $37.34 and a 52-week high of $62.15. The company has a market cap of $8.01 billion, a PE ratio of 30.20, a P/E/G ratio of 1.45 and a beta of 1.38. The business has a fifty day moving average of $54.39 and a 200 day moving average of $50.35.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FLS shares. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $57.00 to $69.00 in a research report on Friday. Mizuho boosted their target price on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Stifel Nicolaus increased their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group lifted their price objective on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.30.

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.