Flowserve (NYSE:FLS) Price Target Raised to $59.00

Flowserve (NYSE:FLS) had its price target boosted by Citigroup from $56.00 to $59.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

FLS has been the subject of a number of other reports. 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 research note on Thursday, February 22nd. Robert W. Baird boosted their price objective on shares of Flowserve from $50.00 to $57.00 and gave the company a neutral rating in a report on Wednesday. UBS Group raised their target price on Flowserve from $46.00 to $54.00 and gave the stock a buy rating in a research note on Wednesday. Mizuho reiterated a buy rating and set a $53.00 price target (up previously from $50.00) on shares of Flowserve in a research note on Wednesday. Finally, Bank of America raised their price objective on Flowserve from $48.00 to $57.00 and gave the stock a buy rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Flowserve currently has a consensus rating of Moderate Buy and an average price target of $51.55.

Flowserve Price Performance

NYSE FLS opened at $47.52 on Wednesday. Flowserve has a 12-month low of $32.49 and a 12-month high of $49.35. The firm’s fifty day simple moving average is $45.45 and its two-hundred day simple moving average is $41.57. 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 market capitalization of $6.26 billion, a P/E ratio of 26.85, a P/E/G ratio of 1.24 and a beta of 1.42.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.11. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. Analysts forecast that Flowserve will post 2.62 EPS for the current fiscal year.

Flowserve Increases Dividend

The business also recently declared 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. This represents a $0.84 annualized dividend and a yield of 1.77%. The ex-dividend date was Wednesday, March 27th. Flowserve’s dividend payout ratio (DPR) is currently 47.46%.

Institutional Trading of Flowserve

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of Flowserve by 153.0% in the third quarter. CWM LLC now owns 1,986 shares of the industrial products company’s stock worth $79,000 after acquiring an additional 1,201 shares during the period. Commonwealth Equity Services LLC grew its holdings in Flowserve by 92.6% in the third quarter. Commonwealth Equity Services LLC now owns 15,667 shares of the industrial products company’s stock valued at $623,000 after purchasing an additional 7,533 shares during the period. Raymond James & Associates increased its position in shares of Flowserve by 9.7% in the third quarter. Raymond James & Associates now owns 431,223 shares of the industrial products company’s stock valued at $17,150,000 after buying an additional 38,242 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Flowserve during the 3rd quarter worth approximately $2,053,000. Finally, Brown Advisory Inc. lifted its position in shares of Flowserve by 2.7% during the 3rd quarter. Brown Advisory Inc. now owns 1,141,486 shares of the industrial products company’s stock valued at $45,397,000 after buying an additional 29,810 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.