Flowserve (NYSE:FLS) Raised to “Neutral” at The Goldman Sachs Group

Flowserve (NYSE:FLS) was upgraded by The Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research note issued to investors on Thursday, MarketBeat reports. The firm presently has a $69.00 target price on the industrial products company’s stock, up from their previous target price of $55.00. The Goldman Sachs Group’s price objective points to a potential upside of 13.82% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus boosted their price target on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Bank of America raised their price target on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group assumed coverage on shares of Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 price objective on the stock. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $57.00 to $69.00 in a report on Friday, November 22nd. Finally, Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and an average price target of $64.40.

Flowserve Stock Performance

NYSE FLS opened at $60.62 on Thursday. The business has a 50 day moving average price of $57.63 and a 200 day moving average price of $51.56. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The company has a market capitalization of $7.96 billion, a P/E ratio of 30.01, a PEG ratio of 1.48 and a beta of 1.41. Flowserve has a 1-year low of $39.20 and a 1-year high of $62.32.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. Sell-side analysts expect that Flowserve will post 2.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Flowserve

A number of hedge funds have recently made changes to their positions in FLS. True Wealth Design LLC acquired a new position in Flowserve during the 3rd quarter worth approximately $25,000. Signaturefd LLC lifted its position in shares of Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Flowserve in the third quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in Flowserve during the 3rd quarter valued at $29,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Flowserve during the 3rd quarter worth $29,000. Hedge funds and other institutional investors 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.