Royal Bank of Canada Cuts Flowserve (NYSE:FLS) Price Target to $68.00

Flowserve (NYSE:FLS) had its price objective lowered by Royal Bank of Canada from $69.00 to $68.00 in a research report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

Several other equities analysts also recently weighed in on FLS. Stifel Nicolaus raised their price target on shares of Flowserve from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. The Goldman Sachs Group upgraded Flowserve from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. TD Cowen boosted their price objective on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Robert W. Baird lifted their price target on Flowserve from $69.00 to $71.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Stock Down 3.6 %

FLS stock opened at $55.38 on Thursday. Flowserve has a 52 week low of $41.60 and a 52 week high of $65.08. The company has a quick ratio of 1.39, a current ratio of 1.97 and a debt-to-equity ratio of 0.71. The firm has a 50-day simple moving average of $60.57 and a 200-day simple moving average of $55.85. The stock has a market capitalization of $7.28 billion, a P/E ratio of 25.88, a P/E/G ratio of 1.35 and a beta of 1.42.

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

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.21 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.52%. Flowserve’s dividend payout ratio is currently 39.25%.

Institutional Trading of Flowserve

Several institutional investors have recently added to or reduced their stakes in FLS. FIL Ltd boosted its position in shares of 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 during the period. Norges Bank purchased a new stake in shares of Flowserve in the 4th quarter valued at $94,629,000. Driehaus Capital Management LLC lifted its stake in 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. boosted its holdings in Flowserve by 52.7% during the 4th 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 period. Finally, Point72 Asset Management L.P. increased its stake 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 worth $47,207,000 after purchasing an additional 606,416 shares during the period. Institutional investors and hedge funds 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.