Flowserve Co. (NYSE:FLS) Sees Significant Drop in Short Interest

Flowserve Co. (NYSE:FLS) was the recipient of a large drop in short interest during the month of 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 trading volume of 1,210,000 shares, the days-to-cover ratio is currently 1.2 days.

Hedge Funds Weigh In On Flowserve

Several hedge funds have recently made changes to their positions in FLS. True Wealth Design LLC purchased a new stake in shares of Flowserve in the 3rd quarter valued at approximately $25,000. Signaturefd LLC increased its holdings in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 370 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Flowserve in the third quarter worth $27,000. Ashton Thomas Securities LLC acquired a new position in Flowserve in the 3rd quarter valued at $29,000. Finally, nVerses Capital LLC acquired a new position in Flowserve during the 2nd quarter worth $34,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Up 0.6 %

FLS traded up $0.33 during trading hours on Monday, reaching $59.56. 921,126 shares of the stock traded hands, compared to its average volume of 1,095,919. The firm’s fifty day simple moving average is $52.97 and its two-hundred day simple moving average is $49.95. Flowserve has a fifty-two week low of $37.24 and a fifty-two week high of $61.60. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 29.32, a PEG ratio of 1.42 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39.

Flowserve (NYSE:FLS) last released its quarterly earnings data 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). The firm had revenue of $1.13 billion during 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%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.50 EPS. As a group, analysts forecast that Flowserve will post 2.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FLS shares. Robert W. Baird raised their target price on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their target price on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Mizuho boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Bank of America boosted their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.10.

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.