Third Point LLC Takes Position in Flowserve Corporation $FLS

Third Point LLC purchased a new position in Flowserve Corporation (NYSE:FLS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,195,000 shares of the industrial products company’s stock, valued at approximately $62,558,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners acquired a new stake in Flowserve during the second quarter valued at approximately $223,561,000. Norges Bank bought a new position in shares of Flowserve during the 2nd quarter worth approximately $88,247,000. Erste Asset Management GmbH boosted its stake in Flowserve by 978.8% in the 1st quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company’s stock valued at $49,025,000 after buying an additional 910,750 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Flowserve by 78.8% in the 2nd quarter. Fisher Asset Management LLC now owns 1,858,621 shares of the industrial products company’s stock valued at $97,299,000 after buying an additional 819,206 shares in the last quarter. Finally, Ceredex Value Advisors LLC bought a new stake in Flowserve in the second quarter valued at $25,091,000. Institutional investors own 93.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on FLS shares. The Goldman Sachs Group lifted their price objective on Flowserve from $64.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Citigroup lifted their price target on shares of Flowserve from $68.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Jefferies Financial Group upped their price objective on shares of Flowserve from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, November 28th. Finally, TD Cowen boosted their target price on Flowserve from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.30.

Insiders Place Their Bets

In other news, CFO Amy B. Schwetz sold 47,000 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $71.02, for a total transaction of $3,337,940.00. Following the transaction, the chief financial officer owned 52,628 shares of the company’s stock, valued at $3,737,640.56. This represents a 47.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lamar L. Duhon sold 1,609 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $69.51, for a total value of $111,841.59. Following the completion of the transaction, the insider owned 15,116 shares in the company, valued at approximately $1,050,713.16. This represents a 9.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 59,276 shares of company stock valued at $4,196,578. 0.76% of the stock is currently owned by corporate insiders.

Flowserve Trading Up 0.0%

FLS opened at $73.47 on Friday. The company has a current ratio of 2.10, a quick ratio of 1.54 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $9.34 billion, a PE ratio of 21.36, a PEG ratio of 1.48 and a beta of 1.30. Flowserve Corporation has a 1-year low of $37.34 and a 1-year high of $74.63. The firm has a 50-day moving average price of $63.18 and a two-hundred day moving average price of $56.35.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, October 28th. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Flowserve had a net margin of 9.66% and a return on equity of 19.41%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the business earned $0.62 earnings per share. Flowserve’s quarterly revenue was up 3.6% on a year-over-year basis. Flowserve has set its FY 2025 guidance at 3.400-3.500 EPS. As a group, equities analysts anticipate that Flowserve Corporation will post 3.18 earnings per share 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.