Flowserve Co. (NYSE:FLS) Position Reduced by Millrace Asset Group Inc.

Millrace Asset Group Inc. lessened its position in shares of Flowserve Co. (NYSE:FLS) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,024 shares of the industrial products company’s stock after selling 1,986 shares during the period. Millrace Asset Group Inc.’s holdings in Flowserve were worth $1,345,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after buying an additional 370 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Flowserve in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Flowserve during the third quarter valued at approximately $29,000. nVerses Capital LLC acquired a new stake in shares of Flowserve during the 2nd quarter worth approximately $34,000. Finally, Allworth Financial LP lifted its holdings in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Bank of America increased their target price on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. The Goldman Sachs Group boosted their target price on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Mizuho raised their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, TD Cowen boosted their price objective 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, one has issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.30.

Flowserve Trading Up 1.4 %

Flowserve stock opened at $61.85 on Tuesday. Flowserve Co. has a 12-month low of $37.34 and a 12-month high of $62.22. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The stock has a market capitalization of $8.13 billion, a PE ratio of 30.62, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38. The firm has a 50 day simple moving average of $54.39 and a 200-day simple moving average of $50.37.

Flowserve (NYSE:FLS) last issued 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). 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 analyst estimates of $1.12 billion. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities research analysts expect that Flowserve Co. will post 2.71 EPS for the current fiscal year.

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.