Flowserve (NYSE:FLS) Sets New 1-Year High at $52.22

Flowserve Co. (NYSE:FLS) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $52.22 and last traded at $52.10, with a volume of 1910980 shares trading hands. The stock had previously closed at $48.60.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FLS. Stifel Nicolaus lifted their price target on shares of Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Robert W. Baird lifted their target price on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Bank of America reissued a “buy” rating and issued a $60.00 price target on shares of Flowserve in a research note on Tuesday. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada increased their target price on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.11.

Flowserve Stock Performance

The company has a 50 day simple moving average of $47.95 and a 200-day simple moving average of $47.56. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. As a group, equities research analysts expect that Flowserve Co. will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Friday, September 27th. Flowserve’s dividend payout ratio is currently 47.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FLS. Signaturefd LLC boosted its stake in Flowserve by 185.9% during the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 370 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Flowserve during the second quarter valued at approximately $34,000. YHB Investment Advisors Inc. bought a new stake in Flowserve during the first quarter worth $36,000. Raleigh Capital Management Inc. raised its position in Flowserve by 122.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after buying an additional 596 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 616 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

About Flowserve

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.