Flowserve Co. (NYSE:FLS – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $61.69 and last traded at $61.58, with a volume of 122659 shares trading hands. The stock had previously closed at $60.05.
Analyst Ratings Changes
A number of research firms have recently commented on FLS. TD Cowen lifted their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group lifted their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research report on Thursday, October 10th. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. 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 target price on the stock. Finally, Mizuho increased their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.30.
View Our Latest Stock Report on Flowserve
Flowserve Price Performance
Flowserve (NYSE:FLS – Get Free Report) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm posted $0.50 earnings per share. Flowserve’s revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Flowserve
A number of hedge funds have recently modified their holdings of FLS. True Wealth Design LLC bought a new position in Flowserve during the 3rd quarter valued at about $25,000. Signaturefd LLC raised its stake in shares of Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 370 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Flowserve in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Flowserve in the 3rd quarter worth approximately $29,000. Finally, nVerses Capital LLC bought a new stake in Flowserve during the 2nd quarter worth approximately $34,000. 93.93% of the stock is owned by institutional investors and hedge funds.
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.
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