Flowserve (NYSE:FLS) Price Target Raised to $65.00 at Bank of America

Flowserve (NYSE:FLS) had its price objective increased by Bank of America from $60.00 to $65.00 in a research note published on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other equities research analysts have also recently weighed in on FLS. The Goldman Sachs Group boosted their target price on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Royal Bank of Canada boosted their target price on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.10.

Flowserve Stock Down 0.7 %

Shares of Flowserve stock opened at $53.75 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. Flowserve has a 52-week low of $35.80 and a 52-week high of $55.90. The company has a market capitalization of $7.08 billion, a P/E ratio of 30.37, a P/E/G ratio of 1.27 and a beta of 1.39. The company has a 50 day moving average of $50.60 and a 200 day moving average of $48.94.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the firm posted $0.50 earnings per share. Flowserve’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts forecast that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Hedge Funds Weigh In On Flowserve

A number of hedge funds and other institutional investors have recently bought and sold shares of FLS. Susquehanna Fundamental Investments LLC acquired a new position in shares of Flowserve during the first quarter worth about $3,808,000. National Bank of Canada FI increased its position in Flowserve by 541.1% during the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock worth $20,616,000 after purchasing an additional 350,889 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of Flowserve during the 1st quarter worth approximately $874,000. Quantbot Technologies LP lifted its holdings in shares of Flowserve by 55.1% in the 1st quarter. Quantbot Technologies LP now owns 55,764 shares of the industrial products company’s stock valued at $2,547,000 after buying an additional 19,804 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Flowserve by 155.2% in the second quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after buying an additional 1,596,429 shares in the last quarter. 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.