Robert W. Baird Increases Flowserve (NYSE:FLS) Price Target to $60.00

Flowserve (NYSE:FLS) had its price objective boosted by Robert W. Baird from $57.00 to $60.00 in a research note released on Wednesday, Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company’s stock.

Several other analysts have also recently commented on the company. Citigroup raised their target price on Flowserve from $56.00 to $59.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Stifel Nicolaus lifted their target price on Flowserve from $55.00 to $58.00 and gave the company a buy rating in a research note on Thursday, July 18th. TD Cowen increased their price target on shares of Flowserve from $50.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Mizuho reaffirmed a buy rating and set a $53.00 price objective (up from $50.00) on shares of Flowserve in a research report on Wednesday, May 1st. Finally, StockNews.com lowered shares of Flowserve from a strong-buy rating to a buy rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $56.11.

Flowserve Price Performance

FLS stock opened at $46.82 on Wednesday. Flowserve has a one year low of $35.31 and a one year high of $52.09. The firm has a 50-day moving average of $48.51 and a two-hundred day moving average of $46.07. The firm has a market capitalization of $6.15 billion, a PE ratio of 26.45, a P/E/G ratio of 1.19 and a beta of 1.42. The company has a current ratio of 2.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts forecast that Flowserve will post 2.72 earnings per share for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend was Friday, June 28th. Flowserve’s dividend payout ratio is 47.46%.

Insider Activity

In related 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 transaction, the chief executive officer now directly owns 407,243 shares of the company’s stock, valued at approximately $20,354,005.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is owned by insiders.

Institutional Trading of Flowserve

Several large investors have recently modified their holdings of FLS. Norges Bank bought a new stake in Flowserve during the fourth quarter valued at about $59,261,000. Silvercrest Asset Management Group LLC bought a new stake in Flowserve during the 1st quarter valued at approximately $41,413,000. Vaughan Nelson Investment Management L.P. acquired a new stake in Flowserve in the 2nd quarter valued at approximately $37,100,000. Wealth Enhancement Advisory Services LLC grew its holdings in Flowserve by 5,256.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock valued at $29,452,000 after buying an additional 600,866 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of Flowserve during the fourth quarter worth approximately $22,321,000. 93.93% of the stock is owned by 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.