Bank of America Raises Flowserve (NYSE:FLS) Price Target to $57.00

Flowserve (NYSE:FLS) had its price target hoisted by equities researchers at Bank of America from $48.00 to $57.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price objective points to a potential upside of 20.20% from the stock’s previous close.

FLS has been the topic of a number of other reports. Stifel Nicolaus upped their target price on shares of Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Robert W. Baird raised their target price on shares of Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. Citigroup boosted their price target on Flowserve from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Royal Bank of Canada lifted their price objective on Flowserve from $43.00 to $46.00 and gave the company a “sector perform” rating in a research note on Thursday, February 22nd. Finally, Mizuho increased their target price on Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and an average price target of $49.22.

Flowserve Trading Up 0.4 %

FLS stock traded up $0.20 on Tuesday, reaching $47.42. The company’s stock had a trading volume of 1,016,719 shares, compared to its average volume of 1,071,750. Flowserve has a 12-month low of $32.49 and a 12-month high of $49.35. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.27 and a current ratio of 1.88. The business has a fifty day simple moving average of $45.04 and a two-hundred day simple moving average of $41.36. The firm has a market cap of $6.22 billion, a PE ratio of 33.62, a PEG ratio of 1.33 and a beta of 1.46.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.11. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 EPS. As a group, research analysts forecast that Flowserve will post 2.55 EPS for the current year.

Institutional Investors Weigh In On Flowserve

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after buying an additional 144,704 shares during the last quarter. Wellington Management Group LLP raised its position in Flowserve by 2.5% in the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock worth $403,065,000 after acquiring an additional 246,636 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Flowserve by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock worth $82,595,000 after acquiring an additional 157,125 shares during the last quarter. Norges Bank purchased a new position in shares of Flowserve during the 4th quarter worth $59,261,000. Finally, Gabelli Funds LLC grew its position in shares of Flowserve by 0.3% during the 3rd quarter. Gabelli Funds LLC now owns 1,296,034 shares of the industrial products company’s stock valued at $51,543,000 after acquiring an additional 3,540 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

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.