Kingsview Wealth Management LLC Purchases New Shares in Flowserve Co. (NYSE:FLS)

Kingsview Wealth Management LLC bought a new position in shares of Flowserve Co. (NYSE:FLS - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 41,455 shares of the industrial products company's stock, valued at approximately $2,143,000.

Several other hedge funds have also made changes to their positions in 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 worth $126,259,000 after buying an additional 1,596,429 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Flowserve during the 2nd quarter worth 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 worth $132,221,000 after buying an additional 663,631 shares during 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 worth $29,452,000 after buying an additional 600,866 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new stake in shares of Flowserve during the 2nd quarter worth approximately $23,911,000. Hedge funds and other institutional investors own 93.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FLS. Robert W. Baird lifted 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. Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They issued a "buy" rating and a $65.00 target price on the stock. StockNews.com cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a report on Thursday, August 8th. Finally, Mizuho lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. 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's stock. According to MarketBeat, Flowserve presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.30.

Flowserve Trading Down 1.1 %

Shares of FLS stock traded down $0.70 during mid-day trading on Tuesday, reaching $61.15. The company's stock had a trading volume of 341,324 shares, compared to its average volume of 1,109,951. The company's 50 day simple moving average is $54.69 and its 200-day simple moving average is $50.46. Flowserve Co. has a 12-month low of $37.34 and a 12-month high of $62.22. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $8.03 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38.

Flowserve (NYSE:FLS - Get Free Report) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the prior year, the business posted $0.50 EPS. The business's revenue was up 3.5% on a year-over-year basis. On average, research analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Flowserve Company 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.