Flowserve (NYSE:FLS) Reaches New 52-Week High on Better-Than-Expected Earnings

Flowserve Co. (NYSE:FLS)’s share price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $49.35 and last traded at $48.74, with a volume of 367927 shares changing hands. The stock had previously closed at $47.22.

The industrial products company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.11. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.04 billion. Flowserve had a net margin of 5.29% and a return on equity of 15.61%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share.

Flowserve Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were issued a $0.21 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.84 annualized dividend and a yield of 1.78%. This is a positive change from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio is presently 47.46%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Bank of America upped their target price on Flowserve from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup raised their price objective on shares of Flowserve from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday. Robert W. Baird boosted their target price on shares of Flowserve from $50.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 27th. Finally, Stifel Nicolaus increased their price objective on Flowserve from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.20.

Hedge Funds Weigh In On Flowserve

Several institutional investors have recently modified their holdings of FLS. Moody National Bank Trust Division lifted its holdings in Flowserve by 2.8% during the first quarter. Moody National Bank Trust Division now owns 9,495 shares of the industrial products company’s stock worth $434,000 after acquiring an additional 259 shares during the period. Treasurer of the State of North Carolina grew its stake in Flowserve by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 57,444 shares of the industrial products company’s stock valued at $2,285,000 after purchasing an additional 290 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Flowserve by 3.1% during the 3rd quarter. Verdence Capital Advisors LLC now owns 9,606 shares of the industrial products company’s stock valued at $382,000 after purchasing an additional 291 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Flowserve by 6.0% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 7,240 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 409 shares during the period. Finally, Retirement Systems of Alabama boosted its holdings in shares of Flowserve by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company’s stock worth $7,526,000 after buying an additional 433 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Flowserve Stock Up 0.2 %

The stock’s fifty day moving average is $45.24 and its two-hundred day moving average is $41.47. 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 company has a market capitalization of $6.20 billion, a PE ratio of 26.70, a P/E/G ratio of 1.34 and a beta of 1.46.

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.