Flowserve (NYSE:FLS) Price Target Raised to $57.00

Flowserve (NYSE:FLS) had its target price increased by equities researchers at Bank of America from $48.00 to $57.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price indicates a potential upside of 20.20% from the stock’s previous close.

FLS has been the topic of a number of other research reports. Stifel Nicolaus upped their target price on Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Royal Bank of Canada lifted their target price on shares of Flowserve from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Thursday, February 22nd. Robert W. Baird raised their price target on shares of Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Citigroup upped their price objective on shares of Flowserve from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Flowserve currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.22.

Flowserve Stock Up 0.4 %

Flowserve stock traded up $0.20 during midday trading on Tuesday, reaching $47.42. The company’s stock had a trading volume of 1,016,719 shares, compared to its average volume of 1,071,750. Flowserve has a 52-week low of $32.49 and a 52-week high of $49.35. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27. The stock has a market capitalization of $6.22 billion, a P/E ratio of 33.62, a PEG ratio of 1.33 and a beta of 1.46. The stock’s 50-day simple moving average is $45.04 and its 200-day simple moving average is $41.36.

Flowserve (NYSE:FLS) last released its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. Flowserve’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, sell-side analysts expect that Flowserve will post 2.55 EPS for the current year.

Institutional Investors Weigh In On Flowserve

Several hedge funds and other institutional investors have recently made changes to their positions in FLS. Vanguard Group Inc. raised its position in Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after purchasing an additional 144,704 shares during the period. Wellington Management Group LLP increased its position in shares of Flowserve by 2.5% during the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock valued at $403,065,000 after acquiring an additional 246,636 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Flowserve by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock valued at $82,595,000 after acquiring an additional 157,125 shares during the period. Norges Bank acquired a new position in shares of Flowserve in the 4th quarter worth approximately $59,261,000. Finally, Gabelli Funds LLC boosted its position in shares of Flowserve by 0.3% during the 3rd quarter. Gabelli Funds LLC now owns 1,296,034 shares of the industrial products company’s stock worth $51,543,000 after purchasing an additional 3,540 shares during the period. Institutional investors and hedge funds 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.