Flowserve’s (FLS) “Buy” Rating Reiterated at Bank of America

Flowserve (NYSE:FLS)‘s stock had its “buy” rating restated by research analysts at Bank of America in a report issued on Tuesday, Benzinga reports. They presently have a $60.00 price target on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 16.05% from the company’s previous close.

FLS has been the subject of a number of other reports. TD Cowen increased their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird raised their price target on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Royal Bank of Canada raised their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus raised their price target on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.11.

Flowserve Stock Performance

Flowserve stock traded up $3.10 during mid-day trading on Tuesday, reaching $51.70. 918,100 shares of the company were exchanged, compared to its average volume of 1,035,479. Flowserve has a twelve month low of $35.31 and a twelve month high of $52.09. The firm’s 50-day simple moving average is $47.95 and its two-hundred day simple moving average is $47.56. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The firm has a market cap of $6.81 billion, a PE ratio of 29.21, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the firm earned $0.52 EPS. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities analysts predict that Flowserve will post 2.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flowserve

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Flowserve during the second quarter worth $70,000. Newbridge Financial Services Group Inc. increased its position in Flowserve by 3,722.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 8,065 shares of the industrial products company’s stock worth $388,000 after buying an additional 7,854 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Flowserve during the second quarter worth $609,000. KPP Advisory Services LLC increased its position in Flowserve by 11.3% during the second quarter. KPP Advisory Services LLC now owns 6,823 shares of the industrial products company’s stock worth $328,000 after buying an additional 694 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Flowserve by 1,137.3% during the second quarter. Point72 Asset Management L.P. now owns 306,852 shares of the industrial products company’s stock worth $14,760,000 after buying an additional 282,052 shares in the last quarter. 93.93% of the stock is 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.