Flowserve (NYSE:FLS) Price Target Raised to $53.00 at Stifel Nicolaus

Flowserve (NYSE:FLS) had its price target upped by Stifel Nicolaus from $51.00 to $53.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other analysts have also issued research reports about the stock. Royal Bank of Canada lifted their target price on shares of Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a report on Thursday, February 22nd. Mizuho lifted their target price on shares of Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a report on Thursday, February 22nd. Robert W. Baird lifted their target price on shares of Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Citigroup lifted 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, StockNews.com raised shares of Flowserve from a buy rating to a strong-buy rating in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $48.25.

Flowserve Stock Performance

NYSE:FLS opened at $45.67 on Wednesday. Flowserve has a 1 year low of $32.05 and a 1 year high of $48.31. The firm has a 50 day moving average of $44.35 and a 200-day moving average of $40.90. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $5.99 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 1.32 and a beta of 1.46.

Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, February 21st. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. Flowserve’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Flowserve will post 2.55 EPS for the current fiscal year.

Flowserve Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were paid a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Flowserve’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 1.84%. Flowserve’s dividend payout ratio is presently 59.57%.

Hedge Funds Weigh In On Flowserve

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Flowserve by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after purchasing an additional 144,704 shares during the period. BlackRock Inc. lifted its position in Flowserve by 0.8% during the 1st quarter. BlackRock Inc. now owns 10,793,498 shares of the industrial products company’s stock worth $387,485,000 after buying an additional 88,950 shares in the last quarter. Wellington Management Group LLP lifted its position in Flowserve by 2.5% during the 3rd quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock worth $403,065,000 after buying an additional 246,636 shares in the last quarter. State Street Corp lifted its position in Flowserve by 2.4% during the 1st quarter. State Street Corp now owns 3,770,040 shares of the industrial products company’s stock worth $128,931,000 after buying an additional 86,815 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Flowserve by 1.4% during the 4th quarter. Nuveen Asset Management LLC now owns 2,261,627 shares of the industrial products company’s stock worth $93,378,000 after buying an additional 31,254 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.