Verition Fund Management LLC Lowers Stock Position in Flowserve Co. (NYSE:FLS)

Verition Fund Management LLC cut its holdings in Flowserve Co. (NYSE:FLS) by 51.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,256 shares of the industrial products company’s stock after selling 138,711 shares during the quarter. Verition Fund Management LLC owned approximately 0.10% of Flowserve worth $6,733,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Millennium Management LLC grew its holdings in Flowserve by 155.2% in the second 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. Vaughan Nelson Investment Management L.P. bought a new position in Flowserve during the 2nd quarter valued at approximately $37,100,000. AQR Capital Management LLC boosted its holdings in Flowserve by 31.8% in the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after acquiring an additional 663,631 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Flowserve by 5,256.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock worth $29,452,000 after acquiring an additional 600,866 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new stake in shares of Flowserve in the second quarter worth $23,911,000. 93.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus upped their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Mizuho upped their price objective on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird lifted their target price on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. One investment 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.30.

Flowserve Stock Up 0.5 %

Shares of FLS stock opened at $61.02 on Monday. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. Flowserve Co. has a 12 month low of $37.66 and a 12 month high of $62.22. The stock has a market cap of $8.02 billion, a P/E ratio of 30.21, a P/E/G ratio of 1.47 and a beta of 1.38. The company has a 50 day simple moving average of $55.77 and a two-hundred day simple moving average of $50.78.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 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 during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business posted $0.50 earnings per share. Flowserve’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, research analysts expect that Flowserve Co. will post 2.71 earnings per share for the current 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.