Oppenheimer Asset Management Inc. Lowers Stock Position in Flowserve Co. (NYSE:FLS)

Oppenheimer Asset Management Inc. trimmed its holdings in Flowserve Co. (NYSE:FLS) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,963 shares of the industrial products company’s stock after selling 906 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Flowserve were worth $2,428,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. raised its holdings in shares of Flowserve by 6.5% in the first quarter. Sei Investments Co. now owns 151,686 shares of the industrial products company’s stock valued at $6,929,000 after buying an additional 9,204 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in Flowserve by 4.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 138,370 shares of the industrial products company’s stock valued at $6,321,000 after acquiring an additional 6,141 shares during the last quarter. Edgestream Partners L.P. lifted its position in Flowserve by 936.7% during the 1st quarter. Edgestream Partners L.P. now owns 76,051 shares of the industrial products company’s stock worth $3,474,000 after acquiring an additional 68,715 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of Flowserve by 7.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 426 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Flowserve by 4.8% in the first quarter. Clearbridge Investments LLC now owns 831,020 shares of the industrial products company’s stock valued at $37,961,000 after purchasing an additional 38,055 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Analyst Ratings Changes

FLS has been the subject of several recent research reports. Mizuho increased their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Bank of America raised their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada raised their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 30th. Finally, TD Cowen boosted their target price on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Stock Performance

Shares of FLS stock opened at $59.23 on Friday. The stock has a fifty day moving average price of $52.97 and a 200 day moving average price of $49.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The stock has a market cap of $7.78 billion, a PE ratio of 29.32, a P/E/G ratio of 1.44 and a beta of 1.38. Flowserve Co. has a 1 year low of $37.24 and a 1 year high of $61.60.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. Sell-side analysts forecast that Flowserve Co. will post 2.72 earnings per share for the current fiscal 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.