StockNews.com Downgrades Flowserve (NYSE:FLS) to Buy

Flowserve (NYSE:FLS) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

A number of other equities analysts have also weighed in on FLS. Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Mizuho lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. Stifel Nicolaus lifted their price objective on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group assumed coverage on Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.40.

Flowserve Stock Performance

FLS opened at $58.46 on Friday. The business has a 50 day moving average price of $58.33 and a two-hundred day moving average price of $52.15. 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 $7.68 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 1.48 and a beta of 1.41. Flowserve has a 1-year low of $39.21 and a 1-year high of $62.32.

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

Institutional Investors Weigh In On Flowserve

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLS. Allspring Global Investments Holdings LLC raised its position in shares of Flowserve by 41.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 7,141 shares of the industrial products company’s stock valued at $343,000 after purchasing an additional 2,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Flowserve by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,724 shares of the industrial products company’s stock worth $1,478,000 after purchasing an additional 2,135 shares during the period. Signaturefd LLC lifted its position in shares of Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Flowserve by 5.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 10,466 shares of the industrial products company’s stock valued at $503,000 after buying an additional 578 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Flowserve in the 2nd quarter worth approximately $34,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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.