Shell Asset Management Co. lessened its position in shares of Flowserve Corp (NYSE:FLS) by 10.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,885 shares of the industrial products company’s stock after selling 3,790 shares during the quarter. Shell Asset Management Co.’s holdings in Flowserve were worth $1,853,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new position in Flowserve during the 2nd quarter worth approximately $3,776,000. BNP Paribas Arbitrage SA raised its stake in Flowserve by 11.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 71,416 shares of the industrial products company’s stock worth $2,885,000 after buying an additional 7,073 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in Flowserve during the 2nd quarter worth approximately $17,663,000. Raymond James Financial Services Advisors Inc. raised its stake in Flowserve by 7.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 29,454 shares of the industrial products company’s stock worth $1,190,000 after buying an additional 2,136 shares during the period. Finally, TD Asset Management Inc. raised its stake in Flowserve by 487.0% during the 2nd quarter. TD Asset Management Inc. now owns 219,281 shares of the industrial products company’s stock worth $8,859,000 after buying an additional 181,923 shares during the period.
Shares of FLS opened at $48.51 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.24 and a quick ratio of 1.60. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 35.67, a P/E/G ratio of 1.62 and a beta of 1.55. Flowserve Corp has a 52 week low of $38.79 and a 52 week high of $56.86.
FLS has been the topic of a number of research reports. Royal Bank of Canada upped their price target on Flowserve to $50.00 and gave the stock an “average” rating in a research note on Friday, November 9th. They noted that the move was a valuation call. Oppenheimer reaffirmed a “hold” rating on shares of Flowserve in a research note on Sunday, November 11th. Robert W. Baird decreased their price objective on Flowserve from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, November 12th. Morgan Stanley assumed coverage on Flowserve in a report on Monday, August 20th. They set an “equal weight” rating and a $50.00 price objective for the company. Finally, DA Davidson boosted their price objective on Flowserve to $48.00 and gave the stock a “neutral” rating in a report on Friday, November 9th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $50.00.
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Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
Further Reading: Short Selling
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