Victory Capital Management Inc. Buys 58,769 Shares of Flowserve Co. (NYSE:FLS)

Victory Capital Management Inc. grew its stake in Flowserve Co. (NYSE:FLS - Free Report) by 46.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,864 shares of the industrial products company's stock after purchasing an additional 58,769 shares during the period. Victory Capital Management Inc. owned approximately 0.14% of Flowserve worth $9,556,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Entropy Technologies LP acquired a new stake in shares of Flowserve during the 3rd quarter worth about $1,275,000. Versor Investments LP grew its stake in Flowserve by 33.5% during the third quarter. Versor Investments LP now owns 5,584 shares of the industrial products company's stock worth $289,000 after buying an additional 1,400 shares during the last quarter. Wolverine Asset Management LLC increased its holdings in shares of Flowserve by 6.3% during the third quarter. Wolverine Asset Management LLC now owns 17,000 shares of the industrial products company's stock worth $879,000 after buying an additional 1,000 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Flowserve in the third quarter valued at approximately $29,000. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of Flowserve by 29.4% in the 3rd quarter. Los Angeles Capital Management LLC now owns 129,531 shares of the industrial products company's stock worth $6,695,000 after acquiring an additional 29,392 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FLS. Jefferies Financial Group started coverage on Flowserve in a research report on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. The Goldman Sachs Group upped 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. Bank of America raised their price objective on shares of Flowserve from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Royal Bank of Canada upgraded shares of Flowserve from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $57.00 to $69.00 in a research report on Friday. Finally, Stifel Nicolaus raised their price target on shares of Flowserve from $60.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Flowserve has a consensus rating of "Moderate Buy" and an average price target of $61.30.

Flowserve Trading Up 1.6 %

Shares of NYSE:FLS traded up $0.94 during midday trading on Friday, hitting $60.99. The company had a trading volume of 3,080,865 shares, compared to its average volume of 1,109,848. The firm has a fifty day simple moving average of $54.10 and a 200 day simple moving average of $50.26. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 30.66, a PEG ratio of 1.44 and a beta of 1.38. 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 Co. has a 12 month low of $37.34 and a 12 month high of $62.15.

Flowserve (NYSE:FLS - Get Free Report) last posted its 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). The company 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%. Flowserve's quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 earnings per share. On average, analysts predict that Flowserve Co. will post 2.72 EPS for the current 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.