Flowserve (NYSE:FLS) Price Target Raised to $52.00

Flowserve (NYSE:FLS) had its price objective increased by investment analysts at Royal Bank of Canada from $50.00 to $52.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 6.34% from the stock’s previous close.

A number of other equities research analysts have also weighed in on FLS. Robert W. Baird raised their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday. Stifel Nicolaus raised their price objective on Flowserve from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. UBS Group raised their price objective on Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, Bank of America increased their target price on Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.91.

Flowserve Stock Down 0.7 %

Shares of FLS stock traded down $0.33 during trading hours on Wednesday, reaching $48.90. The company had a trading volume of 178,247 shares, compared to its average volume of 1,049,648. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.28 and a current ratio of 1.88. Flowserve has a twelve month low of $35.31 and a twelve month high of $52.09. The company has a market capitalization of $6.44 billion, a P/E ratio of 27.63, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. The stock’s fifty day simple moving average is $48.55 and its 200 day simple moving average is $45.98.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, sell-side analysts expect that Flowserve will post 2.66 earnings per share for the current fiscal year.

Insider Activity at Flowserve

In related news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the sale, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Flowserve

Several hedge funds have recently modified their holdings of FLS. Norges Bank acquired a new position in shares of Flowserve during the 4th quarter valued at $59,261,000. Silvercrest Asset Management Group LLC acquired a new position in shares of Flowserve during the 1st quarter valued at $41,413,000. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Flowserve during the 2nd quarter valued at $37,100,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after purchasing an additional 600,866 shares during the period. Finally, Hennessy Advisors Inc. acquired a new position in shares of Flowserve during the 4th quarter valued at $22,321,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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.