California Public Employees Retirement System reduced its stake in shares of Flowserve Co. (NYSE:FLS – Get Rating) by 3.0% in the second quarter, HoldingsChannel reports. The firm owned 242,760 shares of the industrial products company’s stock after selling 7,387 shares during the period. California Public Employees Retirement System’s holdings in Flowserve were worth $6,950,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in FLS. Envestnet Asset Management Inc. purchased a new stake in shares of Flowserve during the 1st quarter worth $208,000. Commonwealth Equity Services LLC lifted its stake in shares of Flowserve by 15.0% during the 1st quarter. Commonwealth Equity Services LLC now owns 8,604 shares of the industrial products company’s stock worth $308,000 after purchasing an additional 1,120 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Flowserve by 81.5% during the 1st quarter. Victory Capital Management Inc. now owns 28,543 shares of the industrial products company’s stock worth $934,000 after purchasing an additional 12,814 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Flowserve by 21.6% in the first quarter. Russell Investments Group Ltd. now owns 957,140 shares of the industrial products company’s stock valued at $34,357,000 after buying an additional 170,315 shares during the last quarter. Finally, Skylands Capital LLC purchased a new stake in Flowserve in the first quarter valued at about $819,000. 99.73% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have commented on FLS. The Goldman Sachs Group decreased their price target on Flowserve from $29.00 to $25.00 and set a “sell” rating for the company in a research note on Tuesday, October 11th. Citigroup decreased their price target on Flowserve from $34.00 to $32.00 and set a “buy” rating for the company in a research note on Wednesday, November 2nd. Royal Bank of Canada decreased their price target on Flowserve from $25.00 to $23.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 2nd. Mizuho decreased their price target on Flowserve from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, October 18th. Finally, Morgan Stanley decreased their price target on Flowserve from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday, November 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $30.00.
Flowserve Trading Up 0.4 %
Flowserve (NYSE:FLS – Get Rating) last announced its quarterly earnings data on Monday, October 31st. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). The firm had revenue of $872.88 million during the quarter, compared to analysts’ expectations of $868.17 million. Flowserve had a return on equity of 6.80% and a net margin of 2.41%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. Equities analysts predict that Flowserve Co. will post 0.91 EPS for the current year.
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. It operates in two segments, Flowserve Pump Division (FPD) and Flow Control Division (FCD). The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket 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.
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