Verition Fund Management LLC Trims Stake in Flowserve Co. (NYSE:FLS)

Verition Fund Management LLC decreased its position in Flowserve Co. (NYSE:FLS - Free Report) by 51.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,256 shares of the industrial products company's stock after selling 138,711 shares during the period. Verition Fund Management LLC owned approximately 0.10% of Flowserve worth $6,733,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in shares of Flowserve in the third quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in Flowserve during the 3rd quarter valued at about $29,000. Signaturefd LLC boosted its holdings in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 370 shares during the last quarter. Allworth Financial LP grew its stake in shares of Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock worth $34,000 after acquiring an additional 403 shares during the period. Finally, nVerses Capital LLC purchased a new position in shares of Flowserve during the second quarter valued at approximately $34,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FLS shares. Robert W. Baird upped their price objective on Flowserve from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of Flowserve from $46.00 to $52.00 and gave the company a "sell" rating in a research report on Thursday, October 10th. Stifel Nicolaus raised their price objective on shares of Flowserve from $60.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Bank of America upped 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. Finally, Mizuho lifted their price target on shares of Flowserve from $58.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. One investment 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $61.30.

Flowserve Stock Performance

Flowserve stock traded down $0.17 during trading hours on Monday, hitting $60.85. 648,278 shares of the stock traded hands, compared to its average volume of 1,105,134. The firm's 50 day moving average price is $56.01 and its 200-day moving average price is $50.85. 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 capitalization of $7.99 billion, a price-to-earnings ratio of 30.12, a P/E/G ratio of 1.47 and a beta of 1.38. Flowserve Co. has a 1 year low of $38.07 and a 1 year high of $62.22.

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). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted $0.50 earnings per share. Flowserve's revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities analysts expect 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.