Algert Global LLC Purchases 61,710 Shares of Flowserve Co. (NYSE:FLS)

Algert Global LLC boosted its position in Flowserve Co. (NYSE:FLS - Free Report) by 130.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 109,079 shares of the industrial products company's stock after purchasing an additional 61,710 shares during the period. Algert Global LLC owned about 0.08% of Flowserve worth $5,638,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC increased its stake 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 valued at $126,259,000 after acquiring an additional 1,596,429 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new stake in Flowserve in the 1st quarter worth approximately $41,413,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve during the 2nd quarter worth $37,100,000. AQR Capital Management LLC lifted its stake in Flowserve by 31.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company's stock worth $132,221,000 after purchasing an additional 663,631 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Flowserve by 5,256.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company's stock worth $29,452,000 after purchasing an additional 600,866 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Flowserve Stock Up 1.6 %

Shares of NYSE:FLS traded up $0.95 during trading on Friday, hitting $61.00. 3,080,868 shares of the company were exchanged, compared to its average volume of 1,415,479. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 30.20, a P/E/G ratio of 1.45 and a beta of 1.38. Flowserve Co. has a fifty-two week low of $37.34 and a fifty-two week high of $62.15. The firm has a fifty day moving average price of $54.39 and a two-hundred day moving average price of $50.37. 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 (NYSE:FLS - Get Free Report) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business's revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. As a group, research analysts anticipate that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FLS. Mizuho upped their price target on shares of Flowserve from $58.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Royal Bank of Canada raised shares of Flowserve from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $57.00 to $69.00 in a report on Friday. Jefferies Financial Group assumed coverage on shares of Flowserve in a research report on Friday, October 18th. They set a "buy" rating and a $65.00 price target on the stock. Robert W. Baird boosted their target price on shares of Flowserve from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Finally, TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.30.

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.