Flowserve’s (FLS) “Buy” Rating Reaffirmed at Bank of America

Bank of America reaffirmed their buy rating on shares of Flowserve (NYSE:FLS) in a research report sent to investors on Tuesday, Benzinga reports. They currently have a $60.00 price target on the industrial products company’s stock.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus increased their target price on shares of Flowserve from $58.00 to $60.00 and gave the company a buy rating in a report on Wednesday, July 31st. Royal Bank of Canada raised their price objective on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a research note on Wednesday, July 31st. TD Cowen lifted their price objective on Flowserve from $55.00 to $57.00 and gave the stock a buy rating in a report on Thursday, August 1st. StockNews.com lowered Flowserve from a strong-buy rating to a buy rating in a report on Thursday, August 8th. Finally, Robert W. Baird lifted their price target on Flowserve from $57.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $56.88.

Flowserve Stock Down 1.8 %

FLS opened at $51.37 on Tuesday. The business has a 50 day simple moving average of $48.06 and a 200-day simple moving average of $47.74. Flowserve has a 12 month low of $35.31 and a 12 month high of $53.86. The stock has a market capitalization of $6.76 billion, a P/E ratio of 29.02, 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 current ratio of 2.00 and a quick ratio of 1.40.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, September 27th. Flowserve’s payout ratio is currently 47.46%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FLS. Signaturefd LLC grew its holdings in shares of 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 buying an additional 370 shares in the last quarter. nVerses Capital LLC acquired a new stake in Flowserve during the second quarter worth approximately $34,000. YHB Investment Advisors Inc. purchased a new stake in Flowserve in the 1st quarter worth approximately $36,000. Raleigh Capital Management Inc. raised its holdings in Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 596 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Flowserve by 166.0% during the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the period. Institutional investors and hedge funds 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.