Brokerages Set Flowserve Co. (NYSE:FLS) Target Price at $56.88

Flowserve Co. (NYSE:FLS) has been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $56.88.

Several research analysts have issued reports on the company. Stifel Nicolaus increased their price objective on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. TD Cowen increased their price target on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Bank of America reissued a “buy” rating and set a $60.00 price objective on shares of Flowserve in a report on Tuesday, September 24th. Royal Bank of Canada upped their target price on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. Finally, StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th.

Hedge Funds Weigh In On Flowserve

A number of institutional investors have recently made changes to their positions in the stock. Signaturefd LLC boosted its position in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 370 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Flowserve during the second quarter worth $34,000. YHB Investment Advisors Inc. purchased a new stake in shares of Flowserve in the first quarter valued at $36,000. GAMMA Investing LLC increased its stake in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the last quarter. Finally, Raleigh Capital Management Inc. increased its stake in Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 596 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Stock Performance

Shares of FLS opened at $52.69 on Friday. The stock has a market capitalization of $6.94 billion, a P/E ratio of 29.77, a P/E/G ratio of 1.16 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. Flowserve has a 1 year low of $35.31 and a 1 year high of $53.86. The company’s fifty day moving average is $48.25 and its two-hundred day moving average is $48.05.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, sell-side analysts predict that Flowserve will post 2.76 earnings per share for the current year.

Flowserve Dividend Announcement

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 paid a dividend of $0.21 per share. The ex-dividend date is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.59%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

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.