Sumitomo Mitsui Trust Group Inc. Trims Position in Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Flowserve Co. (NYSE:FLS) by 2.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 127,206 shares of the industrial products company’s stock after selling 3,183 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Flowserve were worth $6,575,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC increased its stake 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 buying an additional 370 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Flowserve during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Flowserve during the third quarter valued at approximately $29,000. nVerses Capital LLC purchased a new position in shares of Flowserve during the second quarter valued at approximately $34,000. Finally, Allworth Financial LP increased its stake in shares of Flowserve by 159.9% during the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after buying an additional 403 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FLS has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Stifel Nicolaus upped their price target on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. TD Cowen upped their price target on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America upped their price target on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Trading Up 0.6 %

NYSE FLS opened at $59.56 on Tuesday. Flowserve Co. has a 12 month low of $37.24 and a 12 month high of $61.60. The stock has a market cap of $7.82 billion, a P/E ratio of 29.49, a P/E/G ratio of 1.42 and a beta of 1.38. The stock’s fifty day moving average price is $52.97 and its 200-day moving average price is $49.95. 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 (NYSE:FLS) last announced its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business 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%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 earnings per share. As a group, equities analysts forecast that Flowserve Co. will post 2.72 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.