Flowserve (NYSE:FLS) Upgraded by Royal Bank of Canada to “Outperform” Rating

Royal Bank of Canada upgraded shares of Flowserve (NYSE:FLS) from a sector perform rating to an outperform rating in a research report sent to investors on Friday morning, Marketbeat reports. They currently have $69.00 target price on the industrial products company’s stock, up from their prior target price of $57.00.

FLS has been the topic of a number of other reports. Bank of America boosted their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird increased their price target on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Mizuho increased their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. The Goldman Sachs Group increased their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.30.

Flowserve Stock Performance

Shares of Flowserve stock opened at $61.85 on Friday. The firm has a market cap of $8.13 billion, a price-to-earnings ratio of 30.62, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38. The stock’s 50-day moving average is $54.39 and its 200-day moving average is $50.37. Flowserve has a one year low of $37.34 and a one year high of $62.22. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. Equities analysts predict that Flowserve will post 2.71 earnings per share for the current fiscal year.

Institutional Trading of Flowserve

A number of hedge funds have recently made changes to their positions in FLS. True Wealth Design LLC acquired a new stake in shares of Flowserve in the third quarter valued at approximately $25,000. Signaturefd LLC increased its stake in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Flowserve during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Flowserve during the third quarter worth approximately $29,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Flowserve during the third quarter worth approximately $29,000. 93.93% of the stock is owned by institutional investors and hedge funds.

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.