Flowserve (NYSE:FLS) Price Target Raised to $57.00

Flowserve (NYSE:FLS) had its price objective increased by Royal Bank of Canada from $55.00 to $57.00 in a research note published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the industrial products company’s stock.

FLS has been the subject of a number of other reports. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price objective for the company. TD Cowen upped their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. Mizuho upped their target price on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Bank of America increased their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.10.

Flowserve Stock Up 1.7 %

NYSE FLS opened at $53.54 on Wednesday. Flowserve has a fifty-two week low of $36.56 and a fifty-two week high of $55.90. The business has a fifty day moving average price of $50.81 and a two-hundred day moving average price of $49.00. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.40. The stock has a market capitalization of $7.03 billion, a PE ratio of 26.50, a PEG ratio of 1.28 and a beta of 1.39.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.50 earnings per share. Equities analysts expect that Flowserve will post 2.71 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.57%. Flowserve’s payout ratio is currently 41.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its holdings 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 worth $132,221,000 after purchasing an additional 663,631 shares in the last quarter. Earnest Partners LLC grew its position in shares of Flowserve by 4.8% during the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after buying an additional 121,873 shares during the period. Millennium Management LLC increased its stake in shares of 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 acquiring an additional 1,596,429 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Flowserve by 3.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 2,559,489 shares of the industrial products company’s stock valued at $123,112,000 after acquiring an additional 83,868 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Flowserve by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,249,297 shares of the industrial products company’s stock worth $108,191,000 after acquiring an additional 169,506 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.