Flowserve (NYSE:FLS) Given New $60.00 Price Target at Stifel Nicolaus

Flowserve (NYSE:FLS) had its price objective boosted by Stifel Nicolaus from $58.00 to $60.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 20.48% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Mizuho reissued a “buy” rating and issued a $53.00 price objective (up from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. Citigroup raised their price target on Flowserve from $56.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Monday. Royal Bank of Canada boosted their price target on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Bank of America upped their price target on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Flowserve currently has a consensus rating of “Moderate Buy” and an average target price of $53.09.

Flowserve Stock Performance

Shares of FLS traded up $0.57 on Wednesday, reaching $49.80. The company’s stock had a trading volume of 397,804 shares, compared to its average volume of 1,050,630. The stock’s 50 day simple moving average is $48.55 and its two-hundred day simple moving average is $45.98. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.88 and a quick ratio of 1.28. The stock has a market capitalization of $6.56 billion, a P/E ratio of 27.89, a PEG ratio of 1.32 and a beta of 1.42. Flowserve has a 12-month low of $35.31 and a 12-month high of $52.09.

Flowserve (NYSE:FLS) last released its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the business earned $0.52 earnings per share. Flowserve’s quarterly revenue was up 7.1% compared to the same quarter last year. Research analysts forecast that Flowserve will post 2.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Flowserve

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total value of $2,112,604.62. Following the completion of the transaction, the chief executive officer now directly owns 407,243 shares of the company’s stock, valued at approximately $20,354,005.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flowserve

Institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC increased its position in Flowserve by 5.8% during the second quarter. Commonwealth Equity Services LLC now owns 10,466 shares of the industrial products company’s stock valued at $503,000 after acquiring an additional 578 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares during the period. Peregrine Capital Management LLC grew its holdings in Flowserve by 1.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 169,082 shares of the industrial products company’s stock valued at $8,133,000 after purchasing an additional 2,189 shares during the last quarter. Panagora Asset Management Inc. raised its position in Flowserve by 3,332.3% in the 2nd quarter. Panagora Asset Management Inc. now owns 196,637 shares of the industrial products company’s stock worth $9,458,000 after purchasing an additional 190,908 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Flowserve by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,724 shares of the industrial products company’s stock worth $1,478,000 after purchasing an additional 2,135 shares during the last quarter. Hedge funds and other 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.