Beaconlight Capital LLC Has $8.94 Million Stock Holdings in Flowserve Co. (NYSE:FLS)

Beaconlight Capital LLC lifted its position in Flowserve Co. (NYSE:FLS) by 82.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,884 shares of the industrial products company’s stock after buying an additional 78,194 shares during the quarter. Flowserve comprises approximately 3.6% of Beaconlight Capital LLC’s holdings, making the stock its 13th largest position. Beaconlight Capital LLC’s holdings in Flowserve were worth $8,936,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Millennium Management LLC lifted its position in Flowserve by 155.2% during 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. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Flowserve during the 2nd quarter worth about $37,100,000. Wealth Enhancement Advisory Services LLC grew its holdings in Flowserve by 5,256.0% in 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 during the last quarter. Interval Partners LP increased its position in Flowserve by 60.1% in the 2nd quarter. Interval Partners LP now owns 927,087 shares of the industrial products company’s stock worth $44,593,000 after buying an additional 348,107 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Flowserve by 58.3% during the second quarter. American Century Companies Inc. now owns 40,786 shares of the industrial products company’s stock worth $1,962,000 after buying an additional 15,029 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FLS has been the topic of several research analyst reports. The Goldman Sachs Group raised 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. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Robert W. Baird lifted their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America increased their target price on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Mizuho boosted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Price Performance

Shares of Flowserve stock traded up $0.54 during trading on Wednesday, reaching $61.85. The company’s stock had a trading volume of 12,005 shares, compared to its average volume of 1,107,800. The stock has a 50-day moving average price of $54.98 and a two-hundred day moving average price of $50.54. The stock has a market capitalization of $8.13 billion, a P/E ratio of 30.35, a price-to-earnings-growth ratio of 1.49 and a beta of 1.38. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. Flowserve Co. has a one year low of $37.34 and a one year high of $62.22.

Flowserve (NYSE:FLS) last announced its earnings results 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). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm posted $0.50 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Flowserve Co. will post 2.71 EPS for the current fiscal year.

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.