Flowserve Co. (NYSE:FLS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Flowserve Co. (NYSE:FLS) have been given an average rating of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $64.40.

A number of research firms have recently weighed in on FLS. Robert W. Baird raised their price target on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America raised their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada raised Flowserve from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. Finally, Stifel Nicolaus lifted their price target on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th.

Institutional Investors Weigh In On Flowserve

A number of institutional investors have recently added to or reduced their stakes in FLS. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Flowserve during the 2nd quarter worth approximately $187,000. Hennessy Advisors Inc. boosted its stake in Flowserve by 18.1% during the second quarter. Hennessy Advisors Inc. now owns 729,600 shares of the industrial products company’s stock worth $35,094,000 after buying an additional 111,700 shares in the last quarter. Bailard Inc. increased its holdings in Flowserve by 9.5% in the 2nd quarter. Bailard Inc. now owns 12,095 shares of the industrial products company’s stock valued at $582,000 after buying an additional 1,050 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Flowserve by 41.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,141 shares of the industrial products company’s stock valued at $343,000 after buying an additional 2,107 shares in the last quarter. Finally, ABLE Financial Group LLC lifted its holdings in shares of Flowserve by 3.5% during the 2nd quarter. ABLE Financial Group LLC now owns 16,087 shares of the industrial products company’s stock worth $774,000 after acquiring an additional 547 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Flowserve Price Performance

Shares of NYSE:FLS opened at $58.06 on Wednesday. The business has a fifty day simple moving average of $58.11 and a 200 day simple moving average of $51.96. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. Flowserve has a 1 year low of $39.21 and a 1 year high of $62.32. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 28.74, a P/E/G ratio of 1.48 and a beta of 1.41.

Flowserve (NYSE:FLS) last announced its quarterly 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). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Flowserve will post 2.71 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, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, December 27th. Flowserve’s dividend payout ratio is currently 41.58%.

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.