Royal Bank of Canada Cuts Flowserve (NYSE:FLS) Price Target to $68.00

Flowserve (NYSE:FLS) had its price objective reduced by Royal Bank of Canada from $69.00 to $68.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the stock. Citigroup dropped their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Robert W. Baird upped their target price on Flowserve from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 27th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and boosted their price target for the company from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, TD Cowen raised their price objective on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Stock Performance

Shares of FLS opened at $55.38 on Thursday. Flowserve has a 12 month low of $41.60 and a 12 month high of $65.08. The stock has a fifty day moving average price of $60.57 and a 200-day moving average price of $55.85. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71. The firm has a market cap of $7.28 billion, a PE ratio of 25.88, a P/E/G ratio of 1.35 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Equities research analysts predict that Flowserve will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 annualized dividend and a yield of 1.52%. Flowserve’s dividend payout ratio is presently 39.25%.

Hedge Funds Weigh In On Flowserve

Several institutional investors have recently made changes to their positions in FLS. KPP Advisory Services LLC boosted its holdings in Flowserve by 3.2% during the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock worth $364,000 after buying an additional 215 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Flowserve by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock worth $1,962,000 after acquiring an additional 215 shares in the last quarter. Arizona State Retirement System grew its position in shares of Flowserve by 0.6% during the 4th quarter. Arizona State Retirement System now owns 38,134 shares of the industrial products company’s stock valued at $2,193,000 after acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. increased its stake in shares of Flowserve by 0.9% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 26,553 shares of the industrial products company’s stock valued at $1,527,000 after purchasing an additional 236 shares in the last quarter. Finally, Savant Capital LLC increased its stake in shares of Flowserve by 0.4% in the 4th quarter. Savant Capital LLC now owns 61,565 shares of the industrial products company’s stock valued at $3,541,000 after purchasing an additional 251 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.