Flowserve (NYSE:FLS) Sets New 1-Year High – Time to Buy?

Flowserve Co. (NYSE:FLS)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $61.69 and last traded at $61.58, with a volume of 122659 shares traded. The stock had previously closed at $60.05.

Analyst Ratings Changes

FLS has been the topic of a number of recent analyst reports. TD Cowen boosted their price target 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. Mizuho increased their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Bank of America lifted their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.30.

Flowserve Price Performance

The company’s 50 day moving average is $54.10 and its 200 day moving average is $50.26. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 30.66, a P/E/G ratio of 1.44 and a beta of 1.38. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last issued 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). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities research analysts anticipate that Flowserve Co. will post 2.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FLS. O Shaughnessy Asset Management LLC increased its stake in shares of Flowserve by 7.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock valued at $286,000 after buying an additional 426 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in Flowserve by 1.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 86,629 shares of the industrial products company’s stock worth $3,957,000 after buying an additional 1,328 shares during the period. Natixis lifted its holdings in shares of Flowserve by 964.3% in the 1st quarter. Natixis now owns 9,951 shares of the industrial products company’s stock worth $455,000 after purchasing an additional 9,016 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Flowserve by 0.7% during the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock valued at $2,127,000 after buying an additional 305 shares during the last quarter. Finally, Quadrature Capital Ltd increased its holdings in Flowserve by 49.4% during the 1st quarter. Quadrature Capital Ltd now owns 15,944 shares of the industrial products company’s stock worth $728,000 after purchasing an additional 5,271 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.