Flowserve Co. (NYSE:FLS) Short Interest Down 11.4% in October

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

Hedge Funds Weigh In On Flowserve

A number of institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in Flowserve by 6.5% in the first quarter. Sei Investments Co. now owns 151,686 shares of the industrial products company’s stock worth $6,929,000 after purchasing an additional 9,204 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Flowserve by 4.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 138,370 shares of the industrial products company’s stock worth $6,321,000 after acquiring an additional 6,141 shares in the last quarter. Edgestream Partners L.P. increased its holdings in shares of Flowserve by 936.7% in the 1st quarter. Edgestream Partners L.P. now owns 76,051 shares of the industrial products company’s stock valued at $3,474,000 after acquiring an additional 68,715 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Flowserve by 7.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock valued at $286,000 after acquiring an additional 426 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Flowserve by 4.8% during the first quarter. Clearbridge Investments LLC now owns 831,020 shares of the industrial products company’s stock worth $37,961,000 after purchasing an additional 38,055 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Trading Up 0.1 %

FLS stock opened at $59.23 on Friday. 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 company has a market cap of $7.78 billion, a price-to-earnings ratio of 29.32, a PEG ratio of 1.44 and a beta of 1.38. The business has a fifty day simple moving average of $52.97 and a 200-day simple moving average of $49.93. Flowserve has a 52 week low of $37.24 and a 52 week high of $61.60.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the firm earned $0.50 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities research analysts expect that Flowserve will post 2.72 EPS for the current year.

Analyst Upgrades and Downgrades

FLS has been the topic of a number of recent analyst reports. Robert W. Baird increased their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group initiated coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. TD Cowen boosted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Bank of America increased their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.10.

About Flowserve

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.