Concentric Capital Strategies LP Purchases Shares of 118,001 Flowserve Co. (NYSE:FLS)

Concentric Capital Strategies LP acquired a new stake in Flowserve Co. (NYSE:FLS) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 118,001 shares of the industrial products company’s stock, valued at approximately $6,099,000.

Other large investors also recently modified their holdings of the company. True Wealth Design LLC acquired a new position in Flowserve in the 3rd quarter valued at about $25,000. Signaturefd LLC boosted its holdings in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Flowserve in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Flowserve during the third quarter worth approximately $29,000. Finally, nVerses Capital LLC acquired a new stake in Flowserve during the 2nd quarter worth approximately $34,000. 93.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Bank of America increased their price objective on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective 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. Robert W. Baird increased their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.30.

Flowserve Price Performance

Flowserve stock opened at $61.02 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve Co. has a 52 week low of $37.66 and a 52 week high of $62.22. The stock has a market capitalization of $8.02 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38. The stock has a fifty day moving average of $55.77 and a 200-day moving average of $50.78.

Flowserve (NYSE:FLS) last issued its earnings results 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). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the firm posted $0.50 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts expect that Flowserve Co. will post 2.71 earnings per share 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.