Point72 Asset Management L.P. Buys 606,416 Shares of Flowserve Co. (NYSE:FLS)

Point72 Asset Management L.P. raised its position in Flowserve Co. (NYSE:FLS - Free Report) by 197.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 913,268 shares of the industrial products company's stock after acquiring an additional 606,416 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.70% of Flowserve worth $47,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC bought a new position in Flowserve during the 3rd quarter valued at approximately $25,000. Signaturefd LLC raised its holdings in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 370 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in Flowserve in the third quarter worth $27,000. Ashton Thomas Securities LLC bought a new stake in Flowserve in the third quarter valued at $29,000. Finally, nVerses Capital LLC purchased a new position in Flowserve during the 2nd quarter valued at $34,000. 93.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on FLS. Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a "buy" rating and a $65.00 target price for the company. Stifel Nicolaus lifted their price objective on Flowserve from $60.00 to $61.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. The Goldman Sachs Group increased their target price on Flowserve from $46.00 to $52.00 and gave the stock a "sell" rating in a research report on Thursday, October 10th. StockNews.com lowered Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada upgraded Flowserve from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $57.00 to $69.00 in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $61.30.

Flowserve Stock Down 0.5 %

FLS stock traded down $0.31 during trading on Thursday, hitting $61.69. 790,600 shares of the stock traded hands, compared to its average volume of 1,104,437. 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 $8.10 billion, a price-to-earnings ratio of 30.54, a price-to-earnings-growth ratio of 1.48 and a beta of 1.41. Flowserve Co. has a 1 year low of $38.07 and a 1 year high of $62.32. The firm's 50 day moving average is $56.58 and its two-hundred day moving average is $51.09.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly 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 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%. Flowserve's revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.50 EPS. On average, sell-side analysts anticipate that Flowserve Co. will post 2.71 EPS for the current 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.