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

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

A number of other research analysts have also recently commented on the company. Robert W. Baird upped their price target on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday. Royal Bank of Canada increased their target price 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 target price for the company. Stifel Nicolaus increased their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, TD Cowen lifted their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Stock Up 1.7 %

Shares of NYSE FLS opened at $53.54 on Wednesday. The company has a market capitalization of $7.03 billion, a P/E ratio of 26.50, a P/E/G ratio of 1.28 and a beta of 1.39. 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 company has a 50 day simple moving average of $50.81 and a 200-day simple moving average of $49.00. Flowserve has a 1 year low of $36.56 and a 1 year high of $55.90.

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 the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.50 EPS. On average, equities research analysts predict that Flowserve will post 2.71 earnings per share for the current year.

Flowserve Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. State of Michigan Retirement System increased its stake in Flowserve by 2.5% in the first quarter. State of Michigan Retirement System now owns 32,268 shares of the industrial products company’s stock valued at $1,474,000 after purchasing an additional 800 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Flowserve by 1.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,440 shares of the industrial products company’s stock worth $6,689,000 after acquiring an additional 1,600 shares in the last quarter. Retirement Systems of Alabama lifted its position in Flowserve by 0.3% in the first quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company’s stock valued at $7,526,000 after acquiring an additional 433 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Flowserve by 20.9% in the first quarter. BNP Paribas Financial Markets now owns 79,494 shares of the industrial products company’s stock valued at $3,631,000 after acquiring an additional 13,738 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Flowserve by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 31,471 shares of the industrial products company’s stock worth $1,438,000 after purchasing an additional 2,013 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.