Sumitomo Mitsui Trust Group Inc. Decreases Stake in Flowserve Co. (NYSE:FLS)

Sumitomo Mitsui Trust Group Inc. lowered its position in Flowserve Co. (NYSE:FLS) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 127,206 shares of the industrial products company’s stock after selling 3,183 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.10% of Flowserve worth $6,575,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FLS. Millennium Management LLC increased its holdings 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 worth $126,259,000 after acquiring an additional 1,596,429 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new position in Flowserve during the 1st quarter valued at about $41,413,000. Vaughan Nelson Investment Management L.P. purchased a new position in Flowserve during the 2nd quarter valued at about $37,100,000. AQR Capital Management LLC grew its holdings in Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after buying an additional 663,631 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after buying an additional 600,866 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Performance

NYSE:FLS opened at $59.56 on Tuesday. 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 Co. has a 1-year low of $37.24 and a 1-year high of $61.60. The business has a 50 day moving average of $52.97 and a 200 day moving average of $49.95. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 1.42 and a beta of 1.38.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, sell-side analysts predict that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FLS shares. The Goldman Sachs Group lifted their target price on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. 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 for the company. Stifel Nicolaus lifted their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their price target on Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 30th. Finally, Mizuho lifted their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve 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.