Quest Partners LLC Reduces Position in Flowserve Co. (NYSE:FLS)

Quest Partners LLC decreased its position in shares of Flowserve Co. (NYSE:FLS) by 21.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 15,560 shares of the industrial products company’s stock after selling 4,256 shares during the quarter. Quest Partners LLC’s holdings in Flowserve were worth $804,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. KPP Advisory Services LLC boosted its stake in Flowserve by 3.2% during the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock worth $364,000 after buying an additional 215 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Flowserve by 0.7% in the 1st quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock worth $2,127,000 after acquiring an additional 305 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Flowserve by 3.9% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,564 shares of the industrial products company’s stock worth $442,000 after purchasing an additional 318 shares during the period. Verdence Capital Advisors LLC increased its holdings in Flowserve by 4.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,907 shares of the industrial products company’s stock valued at $409,000 after purchasing an additional 342 shares during the last quarter. Finally, Signaturefd LLC raised its position in Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Trading Up 0.3 %

FLS opened at $60.06 on Friday. The business’s 50-day simple moving average is $53.83 and its 200-day simple moving average is $50.19. The company has a market cap of $7.89 billion, a P/E ratio of 29.73, a PEG ratio of 1.44 and a beta of 1.38. Flowserve Co. has a one year low of $37.24 and a one year high of $61.60. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. As a group, equities research analysts expect that Flowserve Co. will post 2.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLS. Jefferies Financial Group started coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research report on Thursday, October 10th. Stifel Nicolaus upped their target price 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. Robert W. Baird raised their price target on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Bank of America increased their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $60.10.

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.