Flowserve Co. (NYSE:FLS) Receives $64.40 Consensus Target Price from Analysts

Shares of Flowserve Co. (NYSE:FLS) have earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $64.40.

A number of research firms recently commented on FLS. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. Jefferies Financial Group began coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 target price on the stock. Stifel Nicolaus lifted their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. StockNews.com raised shares of Flowserve from a “buy” rating to a “strong-buy” rating in a report on Thursday. Finally, Bank of America boosted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FLS. Millennium Management LLC lifted its stake in Flowserve by 155.2% in the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after buying an additional 1,596,429 shares during the period. AQR Capital Management LLC increased its stake in shares of Flowserve by 31.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after acquiring an additional 663,631 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Flowserve by 197.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock valued at $47,207,000 after acquiring an additional 606,416 shares during the period. Hood River Capital Management LLC bought a new position in Flowserve during the 2nd quarter worth approximately $23,911,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Flowserve by 34.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock valued at $86,055,000 after purchasing an additional 422,141 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Price Performance

Shares of FLS stock opened at $58.06 on Wednesday. The stock’s fifty day simple moving average is $58.11 and its 200 day simple moving average is $51.96. Flowserve has a one year low of $39.21 and a one year high of $62.32. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 28.74, a P/E/G ratio of 1.48 and a beta of 1.41. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39.

Flowserve (NYSE:FLS) last posted its earnings results 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). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company posted $0.50 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, analysts expect that Flowserve will post 2.71 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Friday, December 27th. Flowserve’s dividend payout ratio is presently 41.58%.

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.