Flowserve (NYSE:FLS) Price Target Raised to $52.00 at Royal Bank of Canada

Flowserve (NYSE:FLS) had its price target lifted by Royal Bank of Canada from $50.00 to $52.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a sector perform rating on the industrial products company’s stock.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Monday. Mizuho reaffirmed a buy rating and set a $53.00 target price (up from $50.00) on shares of Flowserve in a research report on Wednesday, May 1st. Bank of America lifted their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a buy rating in a research report on Tuesday. Stifel Nicolaus upped their price objective on shares of Flowserve from $55.00 to $58.00 and gave the stock a buy rating in a report on Thursday, July 18th. Finally, Robert W. Baird raised their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $53.09.

Flowserve Price Performance

Shares of FLS opened at $50.61 on Wednesday. The firm has a market cap of $6.65 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 1.27 and a beta of 1.42. Flowserve has a 52-week low of $35.31 and a 52-week high of $52.09. The business’s 50 day moving average price is $48.55 and its two-hundred day moving average price is $45.98. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.28 and a current ratio of 2.00.

Flowserve (NYSE:FLS) last released its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. Flowserve’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. On average, equities analysts anticipate that Flowserve will post 2.68 EPS for the current year.

Flowserve Dividend Announcement

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 dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Friday, June 28th. Flowserve’s payout ratio is 47.46%.

Insider Buying and Selling at Flowserve

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

Institutional Investors Weigh In On Flowserve

Several large investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in Flowserve by 79.1% during the fourth quarter. Pacer Advisors Inc. now owns 19,723 shares of the industrial products company’s stock valued at $813,000 after purchasing an additional 8,708 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Flowserve during the 4th quarter valued at $3,695,000. ABLE Financial Group LLC grew its stake in shares of Flowserve by 30.0% during the 4th quarter. ABLE Financial Group LLC now owns 14,195 shares of the industrial products company’s stock worth $585,000 after acquiring an additional 3,279 shares during the period. Advisors Preferred LLC bought a new position in Flowserve during the fourth quarter worth about $2,809,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Flowserve by 0.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 52,148 shares of the industrial products company’s stock worth $2,150,000 after purchasing an additional 450 shares in the last quarter. Hedge funds and other institutional investors 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.