Bank of America Reaffirms “Buy” Rating for Flowserve (NYSE:FLS)

Bank of America reiterated their buy rating on shares of Flowserve (NYSE:FLS) in a research note released on Tuesday morning, Benzinga reports. Bank of America currently has a $60.00 price objective on the industrial products company’s stock.

Several other research firms also recently weighed in on FLS. Robert W. Baird raised their price objective on Flowserve from $57.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday, July 31st. Royal Bank of Canada raised their price objective on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a research note on Wednesday, July 31st. TD Cowen raised their price objective on Flowserve from $55.00 to $57.00 and gave the company a buy rating in a research note on Thursday, August 1st. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Thursday, August 8th. Finally, Stifel Nicolaus raised their price target on Flowserve from $58.00 to $60.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $56.88.

Flowserve Stock Up 0.7 %

FLS opened at $52.51 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The business has a 50 day simple moving average of $48.03 and a 200-day simple moving average of $47.68. The stock has a market capitalization of $6.91 billion, a P/E ratio of 29.67, a P/E/G ratio of 1.16 and a beta of 1.39. Flowserve has a 12 month low of $35.31 and a 12 month high of $53.86.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating 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 firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the business posted $0.52 EPS. Flowserve’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Institutional Investors Weigh In On Flowserve

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Flowserve by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after purchasing an additional 144,704 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Flowserve by 31.8% during the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares during the last quarter. Earnest Partners LLC boosted its holdings in shares of Flowserve by 4.8% during the second quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after purchasing an additional 121,873 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Flowserve by 155.2% during the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after purchasing an additional 1,596,429 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Flowserve by 3.4% in the second quarter. Thrivent Financial for Lutherans now owns 2,559,489 shares of the industrial products company’s stock valued at $123,112,000 after acquiring an additional 83,868 shares during the last quarter. Institutional investors and hedge funds 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.