Flowserve (NYSE:FLS) Raised to “Outperform” at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Flowserve (NYSE:FLS) from a sector perform rating to an outperform rating in a report issued on Friday morning, MarketBeat.com reports. Royal Bank of Canada currently has $69.00 target price on the industrial products company’s stock, up from their previous target price of $57.00.

A number of other analysts have also recently commented on FLS. Jefferies Financial Group assumed coverage on 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 upped their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America boosted their price target on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. TD Cowen upped their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Mizuho lifted their target price on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Stock Up 1.6 %

Shares of Flowserve stock opened at $60.99 on Friday. Flowserve has a twelve month low of $37.34 and a twelve month high of $62.15. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The company’s 50 day moving average is $54.10 and its 200 day moving average is $50.26. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 30.19, a price-to-earnings-growth ratio of 1.45 and a beta of 1.38.

Flowserve (NYSE:FLS) last announced its earnings results 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). The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. Research analysts anticipate that Flowserve will post 2.71 EPS for the current year.

Institutional Inflows and Outflows

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