Erste Asset Management GmbH Buys New Position in Flowserve Co. (NYSE:FLS)

Erste Asset Management GmbH acquired a new position in Flowserve Co. (NYSE:FLS - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 93,050 shares of the industrial products company's stock, valued at approximately $4,780,000. Erste Asset Management GmbH owned approximately 0.07% of Flowserve at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FLS. Millennium Management LLC lifted its position in shares of Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company's stock valued at $126,259,000 after buying an additional 1,596,429 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Flowserve during the 2nd quarter valued at approximately $37,100,000. AQR Capital Management LLC lifted its position in shares of Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company's stock valued at $132,221,000 after buying an additional 663,631 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company's stock valued at $29,452,000 after buying an additional 600,866 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of Flowserve during the 2nd quarter valued at approximately $23,911,000. Hedge funds and other institutional investors own 93.93% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. The Goldman Sachs Group increased their price objective on Flowserve from $46.00 to $52.00 and gave the company a "sell" rating in a research note on Thursday, October 10th. Mizuho increased their price objective on Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. 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. Royal Bank of Canada raised Flowserve from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Finally, Jefferies Financial Group began coverage on Flowserve in a research note on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.30.

Flowserve Trading Up 1.1 %

Shares of NYSE:FLS traded up $0.68 during midday trading on Tuesday, reaching $61.54. 1,346,825 shares of the company's stock were exchanged, compared to its average volume of 1,201,965. The firm's 50 day simple moving average is $56.20 and its two-hundred day simple moving average is $50.94. 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 cap of $8.09 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 1.47 and a beta of 1.41. Flowserve Co. has a fifty-two week low of $38.07 and a fifty-two week high of $62.22.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). The business 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 firm's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, sell-side analysts forecast that Flowserve Co. will post 2.71 EPS 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.