Flowserve (NYSE:FLS) Price Target Raised to $77.00

Flowserve (NYSE:FLS) had its price target raised by Stifel Nicolaus from $75.00 to $77.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other research analysts also recently issued research reports about the stock. Citigroup dropped their price objective on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating for the company in a report on Monday, January 13th. Mizuho increased their price objective on shares of Flowserve from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday. TD Cowen increased their price objective on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Bank of America upped their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upgraded shares of Flowserve from a “sell” rating to a “neutral” rating and upped their target price for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Trading Down 3.6 %

Shares of Flowserve stock opened at $55.38 on Thursday. The company has a fifty day moving average of $60.57 and a 200 day moving average of $55.85. Flowserve has a fifty-two week low of $41.60 and a fifty-two week high of $65.08. The company has a market capitalization of $7.28 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.35 and a beta of 1.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.07). Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. On average, sell-side analysts anticipate that Flowserve will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s dividend payout ratio (DPR) is currently 39.25%.

Institutional Trading of Flowserve

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLS. FIL Ltd raised its position in Flowserve by 71.7% in the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock worth $302,271,000 after purchasing an additional 2,193,904 shares during the period. Norges Bank purchased a new stake in Flowserve in the 4th quarter worth about $94,629,000. Driehaus Capital Management LLC raised its position in Flowserve by 307.1% in the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company’s stock worth $108,651,000 after purchasing an additional 1,424,948 shares during the period. Invesco Ltd. raised its position in Flowserve by 52.7% in the 4th quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company’s stock worth $118,953,000 after purchasing an additional 714,063 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Flowserve by 197.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after purchasing an additional 606,416 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.