Flowserve (NYSE:FLS) Price Target Raised to $70.00

Flowserve (NYSE:FLS) had its target price increased by Mizuho from $65.00 to $70.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $55.00 to $69.00 in a research report on Thursday, December 12th. Citigroup dropped their price target on Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 27th. Royal Bank of Canada dropped their price objective on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Flowserve presently has an average rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Stock Performance

FLS opened at $55.38 on Thursday. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.35 and a beta of 1.42. The business’s 50-day moving average price is $60.57 and its two-hundred day moving average price is $55.85. Flowserve has a 1 year low of $41.60 and a 1 year high of $65.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39.

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

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors 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 of this dividend is Friday, March 28th. Flowserve’s dividend payout ratio is currently 39.25%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. FIL Ltd grew its stake in Flowserve by 71.7% during the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock worth $302,271,000 after buying an additional 2,193,904 shares in the last quarter. Norges Bank bought a new stake in shares of Flowserve during the 4th quarter worth approximately $94,629,000. Driehaus Capital Management LLC boosted its position in shares of Flowserve by 307.1% during the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company’s stock worth $108,651,000 after acquiring an additional 1,424,948 shares in the last quarter. Invesco Ltd. increased its stake in Flowserve by 52.7% in the fourth 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. raised its position in Flowserve by 197.6% during the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock valued at $47,207,000 after purchasing an additional 606,416 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.

Flowserve Company Profile

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.