Flowserve (NYSE:FLS) Receives “Buy” Rating from Bank of America

Bank of America reissued their buy rating on shares of Flowserve (NYSE:FLS) in a research note released on Tuesday, Benzinga reports. Bank of America currently has a $60.00 price target on the industrial products company’s stock.

Other analysts also recently issued reports about the company. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a report on Thursday, August 8th. Royal Bank of Canada upped their price target on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a report on Wednesday, July 31st. TD Cowen raised their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a buy rating in a report on Thursday, August 1st. Stifel Nicolaus boosted their price objective on shares of Flowserve from $58.00 to $60.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird increased their target price on shares of Flowserve from $57.00 to $60.00 and gave the company a neutral rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $56.88.

Flowserve Stock Down 1.8 %

FLS stock opened at $51.37 on Tuesday. The company’s 50 day moving average price is $48.06 and its 200 day moving average price is $47.74. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 1.16 and a beta of 1.39. Flowserve has a fifty-two week low of $35.31 and a fifty-two week high of $53.86. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm posted $0.52 EPS. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.21 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.64%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Signaturefd LLC grew its holdings in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Flowserve in the 2nd quarter valued at approximately $34,000. YHB Investment Advisors Inc. acquired a new position in shares of Flowserve in the first quarter valued at approximately $36,000. Raleigh Capital Management Inc. raised its stake in shares of Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the period. 93.93% of the stock is currently 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.