Flowserve (NYSE:FLS) Price Target Raised to $52.00

Flowserve (NYSE:FLS) had its price objective lifted by analysts at Royal Bank of Canada from $50.00 to $52.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 6.34% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. Bank of America raised their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday. TD Cowen raised their target price on shares of Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. UBS Group raised their target price on shares of Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Mizuho reissued a “buy” rating and issued a $53.00 price objective (up from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. Finally, StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.91.

Flowserve Price Performance

Shares of NYSE FLS traded down $0.33 during midday trading on Wednesday, reaching $48.90. The stock had a trading volume of 178,247 shares, compared to its average volume of 1,049,648. The stock has a 50-day moving average of $48.55 and a 200-day moving average of $45.98. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.28 and a current ratio of 1.88. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. Flowserve has a 12-month low of $35.31 and a 12-month high of $52.09.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.85%. Flowserve’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. As a group, research analysts anticipate that Flowserve will post 2.66 EPS for the current fiscal year.

Insider Activity at Flowserve

In related news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the completion of the sale, the chief executive officer now owns 407,243 shares in the company, valued at approximately $20,354,005.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FLS. Pacer Advisors Inc. increased its position in Flowserve by 79.1% during the 4th quarter. Pacer Advisors Inc. now owns 19,723 shares of the industrial products company’s stock valued at $813,000 after purchasing an additional 8,708 shares during the period. International Assets Investment Management LLC purchased a new position in Flowserve during the 4th quarter valued at about $3,695,000. ABLE Financial Group LLC increased its position in Flowserve by 30.0% during the 4th quarter. ABLE Financial Group LLC now owns 14,195 shares of the industrial products company’s stock valued at $585,000 after purchasing an additional 3,279 shares during the period. Advisors Preferred LLC purchased a new position in shares of Flowserve in the 4th quarter worth approximately $2,809,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Flowserve by 0.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 52,148 shares of the industrial products company’s stock worth $2,150,000 after buying an additional 450 shares during the last quarter. Hedge funds and other 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.