Flowserve (NYSE:FLS) Given New $57.00 Price Target at TD Cowen

Flowserve (NYSE:FLS) had its price target upped by TD Cowen from $55.00 to $57.00 in a research note released on Thursday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

FLS has been the subject of several other research reports. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Monday, July 29th. Robert W. Baird raised their target price on Flowserve from $57.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, July 31st. Royal Bank of Canada raised their price target on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a report on Wednesday, July 31st. Mizuho reaffirmed a buy rating and issued a $53.00 price target (up previously from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. Finally, Citigroup raised their price target on Flowserve from $56.00 to $59.00 and gave the company a buy rating in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $56.11.

Flowserve Stock Down 4.4 %

FLS stock opened at $46.82 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.28 and a current ratio of 2.00. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.19 and a beta of 1.42. Flowserve has a fifty-two week low of $35.31 and a fifty-two week high of $52.09. The stock has a fifty day moving average of $48.51 and a 200-day moving average of $46.16.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the company earned $0.52 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts predict that Flowserve will post 2.72 earnings per share for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.84 annualized dividend and a yield of 1.79%. Flowserve’s payout ratio is 47.46%.

Insider Buying and Selling

In related news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the transaction, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flowserve

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of 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 buying an additional 144,704 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Flowserve by 8.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after purchasing an additional 157,125 shares in the last quarter. Norges Bank bought a new stake in shares of Flowserve during the fourth quarter valued at approximately $59,261,000. Gabelli Funds LLC boosted its position in shares of Flowserve by 1.3% during the first quarter. Gabelli Funds LLC now owns 1,283,016 shares of the industrial products company’s stock valued at $58,608,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Flowserve by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,259,002 shares of the industrial products company’s stock valued at $51,896,000 after purchasing an additional 24,449 shares in the last quarter. 93.93% of the stock is currently owned by 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.