Flowserve Co. (NYSE:FLS) Position Reduced by Pier Capital LLC

Pier Capital LLC lessened its position in Flowserve Co. (NYSE:FLS - Free Report) by 24.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,787 shares of the industrial products company's stock after selling 49,480 shares during the period. Pier Capital LLC owned about 0.12% of Flowserve worth $7,898,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FLS. State Street Corp increased its position in Flowserve by 1.0% during the third quarter. State Street Corp now owns 3,886,111 shares of the industrial products company's stock worth $201,685,000 after purchasing an additional 37,132 shares during the last quarter. AQR Capital Management LLC increased its position in Flowserve by 31.8% during the second 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 during the last quarter. Earnest Partners LLC increased its position in Flowserve by 4.8% during the second quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company's stock worth $128,841,000 after purchasing an additional 121,873 shares during the last quarter. Millennium Management LLC increased its position in Flowserve by 155.2% during the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company's stock worth $126,259,000 after purchasing an additional 1,596,429 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Flowserve by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company's stock worth $134,577,000 after purchasing an additional 44,039 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Flowserve Stock Down 1.4 %

Shares of FLS stock traded down $0.88 on Friday, hitting $60.83. The stock had a trading volume of 1,768,657 shares, compared to its average volume of 1,133,962. The firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of 30.11, a P/E/G ratio of 1.49 and a beta of 1.41. The stock's 50 day moving average is $56.77 and its 200-day moving average is $51.18. 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 Co. has a 52-week low of $38.07 and a 52-week high of $62.32.

Flowserve (NYSE:FLS - Get Free Report) last announced its earnings results 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 firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. Flowserve's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. As a group, research analysts expect that Flowserve Co. will post 2.71 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on FLS. Royal Bank of Canada raised shares of Flowserve from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. Robert W. Baird increased their price objective on shares of Flowserve from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Mizuho increased their price objective 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. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective 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. One research 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, the stock presently has an average 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.