Flowserve (NYSE:FLS) Given New $75.00 Price Target at TD Cowen

Flowserve (NYSE:FLS) had its price objective increased by TD Cowen from $60.00 to $75.00 in a research note published on Thursday,Benzinga reports. TD Cowen currently has a buy rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on FLS. Robert W. Baird upped their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America upped their price objective on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada raised Flowserve from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and upped their price target for the stock from $55.00 to $69.00 in a research report on Thursday, December 12th. Finally, Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $66.10.

Flowserve Stock Up 3.4 %

Shares of Flowserve stock opened at $62.76 on Thursday. The company has a market capitalization of $8.25 billion, a P/E ratio of 31.07, a price-to-earnings-growth ratio of 1.17 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The business has a 50-day moving average of $59.77 and a two-hundred day moving average of $53.35. Flowserve has a 1 year low of $39.37 and a 1 year high of $63.23.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) 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 business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company posted $0.50 earnings per share. Flowserve’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities analysts predict that Flowserve will post 2.71 EPS for the current year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.34%. Flowserve’s payout ratio is 41.58%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FLS. Millennium Management LLC lifted its stake 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 valued at $126,259,000 after purchasing an additional 1,596,429 shares during the last quarter. AQR Capital Management LLC raised its stake in Flowserve by 31.8% in the second 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 during the period. Point72 Asset Management L.P. lifted its position in shares of Flowserve by 197.6% in the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock valued at $47,207,000 after buying an additional 606,416 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of Flowserve during the 2nd quarter worth approximately $23,911,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Flowserve by 34.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after acquiring an additional 422,141 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Company 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.