Flowserve (NYSE:FLS) Stock Price Expected to Rise, Citigroup Analyst Says

Flowserve (NYSE:FLS) had its price target increased by equities researchers at Citigroup from $92.00 to $93.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup‘s price target indicates a potential upside of 17.47% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group set a $82.00 target price on shares of Flowserve in a research note on Thursday, July 30th. Royal Bank Of Canada raised their price target on Flowserve from $88.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday. Mizuho decreased their price target on Flowserve from $91.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Robert W. Baird set a $93.00 price objective on Flowserve in a research report on Friday, July 31st. Finally, Stifel Nicolaus increased their price objective on Flowserve from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $86.00.

Flowserve Stock Down 1.5%

Flowserve stock traded down $1.18 during trading on Friday, reaching $79.17. The stock had a trading volume of 2,528,939 shares, compared to its average volume of 1,883,524. Flowserve has a 52-week low of $63.27 and a 52-week high of $92.41. The business has a 50 day moving average price of $74.28 and a 200 day moving average price of $76.40. The company has a quick ratio of 1.58, a current ratio of 2.15 and a debt-to-equity ratio of 0.91. The stock has a market cap of $10.06 billion, a PE ratio of 39.78, a P/E/G ratio of 1.60 and a beta of 1.23.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.98 by $0.09. Flowserve had a net margin of 5.42% and a return on equity of 22.37%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The firm’s revenue was up 5.4% on a year-over-year basis. On average, analysts predict that Flowserve will post 4.10 EPS for the current year.

Hedge Funds Weigh In On Flowserve

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Flowserve in the 2nd quarter valued at $999,631,000. PointState Capital LP acquired a new stake in Flowserve during the 2nd quarter worth $196,837,000. Bank of New York Mellon Corp acquired a new stake in Flowserve during the 2nd quarter worth $177,380,000. Bank of America Corp DE purchased a new position in Flowserve during the 2nd quarter worth $144,400,000. Finally, William Blair Investment Management LLC purchased a new position in Flowserve during the 2nd quarter worth $84,869,000. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

About Flowserve

Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.

Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.

Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.