Bank of New York Mellon Corp decreased its position in shares of Flowserve Corp (NYSE:FLS) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,483,639 shares of the industrial products company’s stock after selling 11,049 shares during the period. Bank of New York Mellon Corp owned approximately 1.13% of Flowserve worth $59,939,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. GHP Investment Advisors Inc. raised its stake in Flowserve by 17.5% in the second quarter. GHP Investment Advisors Inc. now owns 24,272 shares of the industrial products company’s stock worth $981,000 after buying an additional 3,620 shares in the last quarter. Andra AP fonden acquired a new position in shares of Flowserve during the second quarter worth $3,790,000. California Public Employees Retirement System increased its position in shares of Flowserve by 15.1% during the second quarter. California Public Employees Retirement System now owns 361,856 shares of the industrial products company’s stock worth $14,619,000 after purchasing an additional 47,381 shares in the last quarter. Putnam Investments LLC increased its position in shares of Flowserve by 20.4% during the second quarter. Putnam Investments LLC now owns 37,728 shares of the industrial products company’s stock worth $1,524,000 after purchasing an additional 6,400 shares in the last quarter. Finally, Scopus Asset Management L.P. acquired a new position in shares of Flowserve during the second quarter worth $5,393,000.

Shares of Flowserve stock traded down $0.60 during mid-day trading on Friday, hitting $45.40. The stock had a trading volume of 1,454,986 shares, compared to its average volume of 1,285,777. Flowserve Corp has a 12-month low of $38.79 and a 12-month high of $56.86. 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 stock has a market cap of $6.02 billion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth ratio of 1.53 and a beta of 1.56.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Wednesday, November 7th. The industrial products company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.07. The firm had revenue of $952.72 million during the quarter, compared to analysts’ expectations of $925.33 million. Flowserve had a negative net margin of 1.27% and a positive return on equity of 11.66%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $0.37 EPS. Equities analysts expect that Flowserve Corp will post 1.74 earnings per share for the current fiscal year.

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Flowserve to $50.00 and gave the company an “average” rating in a report on Friday, November 9th. They noted that the move was a valuation call. Northcoast Research raised shares of Flowserve from a “neutral” rating to a “buy” rating in a report on Thursday, September 13th. Zacks Investment Research raised shares of Flowserve from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Tuesday, September 11th. Morgan Stanley assumed coverage on shares of Flowserve in a report on Monday, August 20th. They issued an “equal weight” rating and a $50.00 price target on the stock. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Flowserve in a report on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.00.

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About Flowserve

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).

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Institutional Ownership by Quarter for Flowserve (NYSE:FLS)

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