Flowserve (NYSE:FLS) Given New $57.00 Price Target at Royal Bank of Canada

Flowserve (NYSE:FLS) had its price target raised by Royal Bank of Canada from $55.00 to $57.00 in a research report released on Wednesday, Benzinga reports. They currently have a sector perform rating on the industrial products company’s stock.

Other analysts have also recently issued research reports about the company. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Stifel Nicolaus lifted their price objective on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Jefferies Financial Group initiated coverage on Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 price objective on the stock. Finally, Bank of America raised their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Stock Up 1.7 %

Flowserve stock opened at $53.54 on Wednesday. Flowserve has a 12 month low of $36.56 and a 12 month high of $55.90. The stock has a fifty day simple moving average of $50.90 and a two-hundred day simple moving average of $49.05. The company has a current ratio of 1.99, a quick ratio of 1.40 and a debt-to-equity ratio of 0.56. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 1.28 and a beta of 1.39.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. Flowserve’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.50 earnings per share. Equities analysts predict that Flowserve will post 2.71 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, September 27th. Flowserve’s dividend payout ratio is presently 41.58%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve in the 3rd quarter worth $27,000. Signaturefd LLC lifted its stake in Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares during the period. Allworth Financial LP grew its holdings in Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Flowserve during the second quarter valued at approximately $34,000. Finally, GAMMA Investing LLC raised its stake in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after buying an additional 616 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

About Flowserve

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.