Flowserve (NYSE:FLS) Given New $59.00 Price Target at Citigroup

Flowserve (NYSE:FLS) had its target price upped by Citigroup from $56.00 to $59.00 in a research report released on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

Other research analysts have also issued reports about the stock. Bank of America raised their price objective on shares of Flowserve from $48.00 to $57.00 and gave the company a buy rating in a research note on Tuesday. Mizuho reissued a buy rating and set a $53.00 price target (up from $50.00) on shares of Flowserve in a research report on Wednesday. Royal Bank of Canada raised their price target on shares of Flowserve from $43.00 to $46.00 and gave the company a sector perform rating in a research report on Thursday, February 22nd. Stifel Nicolaus raised their price target on shares of Flowserve from $53.00 to $55.00 and gave the company a buy rating in a research report on Wednesday. Finally, StockNews.com lowered shares of Flowserve from a strong-buy rating to a buy rating in a research report on Saturday, April 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve presently has an average rating of Moderate Buy and a consensus target price of $51.20.

Flowserve Stock Up 0.2 %

Flowserve stock opened at $47.25 on Wednesday. Flowserve has a 1-year low of $32.49 and a 1-year high of $49.35. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 26.70, a price-to-earnings-growth ratio of 1.34 and a beta of 1.46. The firm’s fifty day moving average price is $45.24 and its two-hundred day moving average price is $41.47. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. Flowserve had a net margin of 5.29% and a return on equity of 15.61%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts predict that Flowserve will post 2.55 earnings per share for the current fiscal year.

Flowserve Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Wednesday, March 27th. This is an increase from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Institutional Trading of Flowserve

A number of large investors have recently added to or reduced their stakes in FLS. Contravisory Investment Management Inc. purchased a new position in shares of Flowserve in the fourth quarter worth about $26,000. YHB Investment Advisors Inc. purchased a new position in shares of Flowserve in the first quarter worth about $36,000. Raleigh Capital Management Inc. increased its stake in shares of Flowserve by 122.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares in the last quarter. TFO Wealth Partners LLC increased its stake in shares of Flowserve by 14,663.6% in the fourth quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 1,613 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Flowserve by 153.0% in the third quarter. CWM LLC now owns 1,986 shares of the industrial products company’s stock worth $79,000 after purchasing an additional 1,201 shares in the last quarter. Hedge funds and other 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.