Flowserve Co. (NYSE:FLS) Short Interest Update

Flowserve Co. (NYSE:FLS) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,370,000 shares, a decline of 7.4% from the October 31st total of 1,480,000 shares. Based on an average trading volume of 1,310,000 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Investors Weigh In On Flowserve

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its stake in Flowserve by 155.2% in the 2nd 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 during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Flowserve during the 2nd quarter worth $37,100,000. Wealth Enhancement Advisory Services LLC grew its holdings 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 worth $29,452,000 after acquiring an additional 600,866 shares during the period. Interval Partners LP lifted its position in Flowserve by 60.1% during the second quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock worth $44,593,000 after buying an additional 348,107 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Flowserve by 58.3% during the 2nd quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock worth $1,962,000 after purchasing an additional 15,029 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada raised shares of Flowserve from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Bank of America raised their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $61.30.

Flowserve Price Performance

FLS traded down $0.17 during midday trading on Monday, reaching $60.85. 648,278 shares of the company’s stock were exchanged, compared to its average volume of 1,105,134. 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 PE ratio of 30.21, a P/E/G ratio of 1.47 and a beta of 1.38. The business’s 50-day moving average price is $55.77 and its 200 day moving average price is $50.78. Flowserve has a 1-year low of $38.07 and a 1-year high of $62.22.

Flowserve (NYSE:FLS) last released 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 business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share. As a group, equities analysts anticipate that Flowserve will post 2.71 EPS for the current fiscal year.

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.