Flowserve (NYSE:FLS) Price Target Raised to $71.00

Flowserve (NYSE:FLS) had its target price lifted by Robert W. Baird from $69.00 to $71.00 in a report released on Thursday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on FLS. TD Cowen lifted their target price on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Citigroup reduced their price objective on Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Bank of America lifted their price objective on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $55.00 to $69.00 in a research note on Thursday, December 12th. Finally, Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $57.00 to $69.00 in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Trading Down 3.6 %

Shares of FLS stock opened at $55.38 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. The stock has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $55.85. The firm has a market capitalization of $7.28 billion, a PE ratio of 25.88, a PEG ratio of 1.35 and a beta of 1.42. Flowserve has a 52-week low of $41.60 and a 52-week high of $65.08.

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

Flowserve Dividend Announcement

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

Hedge Funds Weigh In On Flowserve

Several hedge funds have recently added to or reduced their stakes in FLS. FIL Ltd grew its stake in shares of Flowserve by 71.7% during the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after buying an additional 2,193,904 shares during the last quarter. Norges Bank bought a new position in shares of Flowserve during the fourth quarter valued at approximately $94,629,000. Driehaus Capital Management LLC grew 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 valued at $108,651,000 after acquiring an additional 1,424,948 shares during the last quarter. Invesco Ltd. grew 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 valued at $118,953,000 after acquiring an additional 714,063 shares during the last quarter. Finally, Point72 Asset Management L.P. grew 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 valued at $47,207,000 after acquiring an additional 606,416 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

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.