Flowserve (NYSE:FLS) Price Target Cut to $68.00 by Analysts at Royal Bank of Canada

Flowserve (NYSE:FLS) had its target price lowered by Royal Bank of Canada from $69.00 to $68.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

FLS has been the topic of several other research reports. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Citigroup lowered their price target on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Robert W. Baird boosted their price target on shares of Flowserve from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday. TD Cowen raised their price objective on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Bank of America upped their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Flowserve Trading Down 2.6 %

Shares of NYSE FLS opened at $57.47 on Thursday. Flowserve has a 1-year low of $41.60 and a 1-year high of $65.08. 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 company has a 50-day moving average of $60.68 and a two-hundred day moving average of $55.70. The company has a market cap of $7.55 billion, a PE ratio of 26.86, a P/E/G ratio of 1.28 and a beta of 1.42.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.11% and a net margin of 6.20%. As a group, equities analysts expect that Flowserve will post 3.21 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.46%. Flowserve’s dividend payout ratio is 39.25%.

Institutional Trading of Flowserve

A number of large investors have recently made changes to their positions in FLS. Vanguard Group Inc. grew its stake in Flowserve by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company’s stock valued at $775,209,000 after acquiring an additional 101,668 shares during the period. FIL Ltd lifted its holdings in shares of Flowserve by 71.7% during the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after purchasing an additional 2,193,904 shares in the last quarter. State Street Corp grew its position in shares of Flowserve by 1.0% in the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock valued at $201,685,000 after purchasing an additional 37,132 shares during the period. AQR Capital Management LLC increased its stake in Flowserve by 9.7% during the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company’s stock worth $168,272,000 after purchasing an additional 258,361 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Flowserve by 1.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock worth $134,577,000 after purchasing an additional 44,039 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

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.