Flowserve (NYSE:FLS) Hits New 52-Week High – Here’s What Happened

Flowserve Co. (NYSE:FLS) hit a new 52-week high on Friday . The stock traded as high as $61.69 and last traded at $61.58, with a volume of 122659 shares changing hands. The stock had previously closed at $60.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Robert W. Baird boosted their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Stifel Nicolaus raised their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised Flowserve from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $57.00 to $69.00 in a report on Friday. Finally, TD Cowen increased their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Trading Up 2.8 %

The stock has a market cap of $8.11 billion, a P/E ratio of 30.66, a P/E/G ratio of 1.44 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The stock has a 50-day moving average price of $54.10 and a 200-day moving average price of $50.26.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. Flowserve’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities research analysts expect that Flowserve Co. will post 2.72 EPS for the current year.

Institutional Investors Weigh In On Flowserve

A number of hedge funds and other institutional investors have recently modified their holdings of FLS. Virtu Financial LLC purchased a new position in Flowserve in the 3rd quarter worth approximately $227,000. Toronto Dominion Bank grew its holdings in shares of Flowserve by 4.4% in the third quarter. Toronto Dominion Bank now owns 27,900 shares of the industrial products company’s stock worth $1,442,000 after purchasing an additional 1,175 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Flowserve by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock worth $113,851,000 after buying an additional 23,529 shares during the period. Vestcor Inc bought a new stake in Flowserve during the 3rd quarter valued at $714,000. Finally, Barclays PLC boosted its position in Flowserve by 17.8% during the 3rd quarter. Barclays PLC now owns 229,379 shares of the industrial products company’s stock valued at $11,857,000 after buying an additional 34,645 shares during the period. Institutional investors own 93.93% of the company’s stock.

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.