Short Interest in Flowserve Co. (NYSE:FLS) Drops By 11.4%

Flowserve Co. (NYSE:FLS) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,480,000 shares, a decrease of 11.4% from the October 15th total of 1,670,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the short-interest ratio is presently 1.2 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FLS shares. TD Cowen boosted 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. Bank of America boosted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho upped 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. Robert W. Baird lifted their price objective on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.10.

Flowserve Stock Up 0.1 %

FLS stock opened at $59.23 on Friday. Flowserve has a 52 week low of $37.24 and a 52 week high of $61.60. 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 50-day simple moving average of $52.97 and a 200-day simple moving average of $49.93. The stock has a market capitalization of $7.78 billion, a P/E ratio of 29.32, a P/E/G ratio of 1.44 and a beta of 1.38.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 earnings per share. Equities analysts forecast that Flowserve will post 2.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Flowserve

A number of institutional investors have recently made changes to their positions in the stock. KPP Advisory Services LLC lifted its position in shares of Flowserve by 3.2% during the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock worth $364,000 after purchasing an additional 215 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Flowserve by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock worth $1,962,000 after buying an additional 215 shares in the last quarter. National Bank of Canada FI lifted its holdings in Flowserve by 4.1% during the 3rd quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock worth $327,000 after buying an additional 252 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Flowserve by 1.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock valued at $1,330,000 after buying an additional 277 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of Flowserve by 0.7% in the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock worth $2,127,000 after acquiring an additional 305 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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.