Flowserve (NYSE:FLS) Price Target Raised to $65.00

Flowserve (NYSE:FLS) had its target price boosted by Bank of America from $60.00 to $65.00 in a research report released on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other research analysts also recently issued reports on the company. The Goldman Sachs Group lifted their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. Royal Bank of Canada increased their price target on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 31st. Jefferies Financial Group assumed coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. TD Cowen upped their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Stock Performance

Shares of FLS stock opened at $53.54 on Wednesday. The stock has a 50 day simple moving average of $50.81 and a 200-day simple moving average of $49.00. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 1.28 and a beta of 1.39. The company has a current ratio of 1.99, a quick ratio of 1.40 and a debt-to-equity ratio of 0.56. Flowserve has a 12-month low of $36.56 and a 12-month high of $55.90.

Flowserve (NYSE:FLS) last announced its quarterly 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). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 EPS. On average, equities analysts forecast that Flowserve will post 2.71 EPS for the current year.

Flowserve Dividend Announcement

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

Hedge Funds Weigh In On Flowserve

Hedge funds have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC acquired a new stake in Flowserve in the 1st quarter valued at $3,808,000. National Bank of Canada FI grew its stake in shares of Flowserve by 541.1% in the first quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock valued at $20,616,000 after buying an additional 350,889 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Flowserve during the 1st quarter valued at about $874,000. Quantbot Technologies LP lifted its position in Flowserve by 55.1% during the 1st quarter. Quantbot Technologies LP now owns 55,764 shares of the industrial products company’s stock worth $2,547,000 after acquiring an additional 19,804 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings 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 worth $126,259,000 after acquiring an additional 1,596,429 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

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.