Flowserve Co. (NYSE:FLS) Position Reduced by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in shares of Flowserve Co. (NYSE:FLS) by 5.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,003 shares of the industrial products company’s stock after selling 4,376 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of Flowserve worth $3,670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Millennium Management LLC raised its stake 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 valued at $126,259,000 after buying an additional 1,596,429 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Flowserve in the second quarter worth $37,100,000. Wealth Enhancement Advisory Services LLC increased its stake in Flowserve by 5,256.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after purchasing an additional 600,866 shares during the last quarter. Interval Partners LP grew its position in shares of Flowserve by 60.1% during the 2nd quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock valued at $44,593,000 after buying an additional 348,107 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Flowserve by 58.3% during the second quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock worth $1,962,000 after acquiring an additional 15,029 shares during the period. Institutional investors own 93.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FLS. Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho raised their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $57.00 to $69.00 in a research report on Friday. TD Cowen increased 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, Stifel Nicolaus lifted their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $61.30.

Flowserve Stock Performance

Shares of FLS opened at $60.99 on Friday. 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 $8.01 billion, a P/E ratio of 30.19, a P/E/G ratio of 1.44 and a beta of 1.38. The firm’s 50 day moving average is $54.10 and its 200-day moving average is $50.26. Flowserve Co. has a 12-month low of $37.34 and a 12-month high of $62.15.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. Equities research analysts anticipate 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.