Flowserve (NYSE:FLS) Given New $60.00 Price Target at Bank of America

Flowserve (NYSE:FLS) had its target price raised by Bank of America from $57.00 to $60.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of Flowserve from $55.00 to $58.00 and gave the stock a buy rating in a research note on Thursday, July 18th. UBS Group upped their price objective on Flowserve from $46.00 to $54.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. 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 report on Wednesday, May 1st. TD Cowen upped their price target on Flowserve from $50.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Finally, StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $53.27.

Flowserve Price Performance

FLS opened at $48.94 on Tuesday. The company’s 50-day simple moving average is $48.56 and its two-hundred day simple moving average is $46.01. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.28 and a current ratio of 2.00. The stock has a market capitalization of $6.43 billion, a P/E ratio of 27.65, a P/E/G ratio of 1.23 and a beta of 1.42. Flowserve has a 52-week low of $35.31 and a 52-week high of $52.09.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.52 earnings per share. As a group, analysts predict that Flowserve will post 2.7 EPS for the current year.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Friday, June 28th. Flowserve’s dividend payout ratio is presently 47.46%.

Insiders Place Their Bets

In other news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the completion of the sale, the chief executive officer now directly owns 407,243 shares of the company’s stock, valued at approximately $20,354,005.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Flowserve

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Flowserve by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after buying an additional 144,704 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 worth $82,595,000 after buying an additional 157,125 shares during the period. Norges Bank bought a new position in shares of Flowserve during the 4th quarter worth $59,261,000. Gabelli Funds LLC increased its stake in shares of Flowserve by 1.3% during the first quarter. Gabelli Funds LLC now owns 1,283,016 shares of the industrial products company’s stock valued at $58,608,000 after buying an additional 16,500 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Flowserve by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,259,002 shares of the industrial products company’s stock valued at $51,896,000 after acquiring an additional 24,449 shares in the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.