Flowserve (NYSE:FLS) Hits New 52-Week High – What’s Next?

Flowserve Co. (NYSE:FLS)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $59.69 and last traded at $59.49, with a volume of 49682 shares changing hands. The stock had previously closed at $55.30.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada raised their price target on Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. TD Cowen raised their price target on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group raised their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. 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 report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Stock Up 7.7 %

The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The stock has a 50 day simple moving average of $51.11 and a 200 day simple moving average of $49.22. The firm has a market capitalization of $7.83 billion, a PE ratio of 27.39, a PEG ratio of 1.29 and a beta of 1.38.

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

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.21 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.41%. Flowserve’s dividend payout ratio is currently 41.58%.

Institutional Investors Weigh In On Flowserve

A number of large investors have recently made changes to their positions in FLS. Signaturefd LLC grew its position in shares of Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Flowserve in the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Flowserve in the 3rd quarter worth approximately $29,000. nVerses Capital LLC bought a new stake in shares of Flowserve in the 2nd quarter worth approximately $34,000. Finally, Allworth Financial LP grew its position in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after buying an additional 403 shares during 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.