Bank of America Boosts Flowserve (NYSE:FLS) Price Target to $57.00

Flowserve (NYSE:FLS) had its price target lifted by Bank of America from $48.00 to $57.00 in a report published on Tuesday, Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on FLS. Mizuho lifted their price objective on shares of Flowserve from $48.00 to $50.00 and gave the company a buy rating in a report on Thursday, February 22nd. Royal Bank of Canada increased their price target on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research report on Thursday, February 22nd. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a report on Saturday, April 27th. Citigroup increased their target price on shares of Flowserve from $50.00 to $56.00 and gave the stock a buy rating in a report on Monday, April 8th. Finally, Stifel Nicolaus upped their price target on shares of Flowserve from $51.00 to $53.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Flowserve currently has an average rating of Moderate Buy and an average price target of $51.55.

Flowserve Price Performance

Flowserve stock opened at $47.52 on Tuesday. Flowserve has a 12-month low of $32.49 and a 12-month high of $49.35. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $45.45 and a 200-day moving average price of $41.57. The firm has a market capitalization of $6.26 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.24 and a beta of 1.42.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.11. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts forecast that Flowserve will post 2.62 EPS for the current year.

Flowserve Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were given a dividend of $0.21 per share. This is a boost from Flowserve’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. Flowserve’s dividend payout ratio is presently 47.46%.

Hedge Funds Weigh In On Flowserve

Several institutional investors and hedge funds have recently bought and sold shares of the company. Contravisory Investment Management Inc. purchased a new stake in shares of Flowserve during the 4th quarter valued at $26,000. YHB Investment Advisors Inc. acquired a new position in Flowserve during the 1st quarter valued at about $36,000. Raleigh Capital Management Inc. raised its stake in Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after buying an additional 596 shares during the last quarter. TFO Wealth Partners LLC boosted its holdings in Flowserve by 14,663.6% in the fourth quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,613 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Flowserve during the first quarter worth about $87,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.