Flowserve (NYSE:FLS) Sets New 1-Year High After Analyst Upgrade

Flowserve Co. (NYSE:FLS) reached a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $60.00 to $75.00. TD Cowen currently has a buy rating on the stock. Flowserve traded as high as $62.45 and last traded at $62.35, with a volume of 629185 shares trading hands. The stock had previously closed at $60.68.

Several other research firms also recently issued reports on FLS. Jefferies Financial Group assumed coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird increased their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America increased their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and increased their target price for the stock from $55.00 to $69.00 in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and an average price target of $66.10.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC purchased a new position in Flowserve during the third quarter worth about $25,000. V Square Quantitative Management LLC purchased a new position in Flowserve in the third quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in Flowserve in the third quarter valued at about $29,000. Ashton Thomas Securities LLC purchased a new position in Flowserve in the third quarter valued at about $29,000. Finally, Allworth Financial LP increased its holdings in Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after buying an additional 403 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Stock Performance

The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $8.25 billion, a PE ratio of 31.07, a PEG ratio of 1.17 and a beta of 1.42. The stock’s fifty day simple moving average is $59.77 and its 200-day simple moving average is $53.35.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the business posted $0.50 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, research analysts predict that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.34%. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

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.