Flowserve (NYSE:FLS) Upgraded by Royal Bank of Canada to Outperform Rating

Royal Bank of Canada upgraded shares of Flowserve (NYSE:FLS) from a sector perform rating to an outperform rating in a report published on Friday, MarketBeat Ratings reports. The firm currently has $69.00 price target on the industrial products company’s stock, up from their previous price target of $57.00.

Other research analysts have also recently issued reports about the stock. Bank of America increased their price target 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. Jefferies Financial Group initiated coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. TD Cowen lifted their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Robert W. Baird increased their target price on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Mizuho lifted their price target on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Flowserve has a consensus rating of “Moderate Buy” and an average target price of $61.30.

Flowserve Price Performance

Flowserve stock opened at $60.99 on Friday. Flowserve has a one year low of $37.34 and a one year high of $62.15. The business has a fifty day moving average price of $54.10 and a 200-day moving average price of $50.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The firm has a market capitalization of $8.01 billion, a P/E ratio of 30.19, a PEG ratio of 1.45 and a beta of 1.38.

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 business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 earnings per share. As a group, equities research analysts forecast that Flowserve will post 2.71 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KPP Advisory Services LLC raised its position in shares of Flowserve by 3.2% in the 3rd quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock worth $364,000 after purchasing an additional 215 shares during the last quarter. HighTower Advisors LLC raised its holdings in Flowserve by 0.6% in the third quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock worth $1,962,000 after buying an additional 215 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Flowserve by 4.1% in the third quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock worth $327,000 after buying an additional 252 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Flowserve by 1.1% during the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock valued at $1,330,000 after buying an additional 277 shares during the last quarter. Finally, Toronto Dominion Bank increased its position 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 acquiring an additional 305 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.