Flowserve (NYSE:FLS) PT Raised to $59.00 at Citigroup

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

FLS has been the topic of several other reports. Robert W. Baird lifted their target price on Flowserve from $50.00 to $57.00 and gave the company a neutral rating in a research note on Wednesday. Royal Bank of Canada increased their price target on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a report on Thursday, February 22nd. UBS Group boosted their price objective on shares of Flowserve from $46.00 to $54.00 and gave the company a buy rating in a research note on Wednesday. Stifel Nicolaus raised their target price on shares of Flowserve from $53.00 to $55.00 and gave the stock a buy rating in a research note on Wednesday. Finally, StockNews.com downgraded shares of Flowserve from a strong-buy rating to a buy rating in a report on Saturday, April 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $51.55.

Flowserve Trading Up 0.5 %

FLS opened at $47.52 on Wednesday. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 26.85, a price-to-earnings-growth ratio of 1.24 and a beta of 1.42. The business’s 50 day moving average is $45.45 and its two-hundred day moving average is $41.57. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. Flowserve has a 52 week low of $32.49 and a 52 week high of $49.35.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 EPS 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 15.50%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Flowserve’s quarterly revenue was up 10.9% on a year-over-year basis. On average, research analysts predict that Flowserve will post 2.62 EPS for the current year.

Flowserve Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.21 per share. This is a positive change from Flowserve’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.77%. Flowserve’s payout ratio is 47.46%.

Hedge Funds Weigh In On Flowserve

Several hedge funds have recently bought and sold shares of the company. Contravisory Investment Management Inc. purchased a new stake in Flowserve during the fourth quarter worth $26,000. YHB Investment Advisors Inc. acquired a new position in shares of Flowserve during the 1st quarter worth $36,000. Raleigh Capital Management Inc. boosted its position in shares of Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after buying an additional 596 shares in the last quarter. TFO Wealth Partners LLC grew its stake in Flowserve by 14,663.6% in the 4th quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock valued at $67,000 after acquiring an additional 1,613 shares during the last quarter. Finally, CWM LLC increased its holdings in Flowserve by 153.0% during the 3rd quarter. CWM LLC now owns 1,986 shares of the industrial products company’s stock valued at $79,000 after acquiring an additional 1,201 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other 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.