Flowserve (NYSE:FLS) Sets New 1-Year High After Analyst Upgrade

Flowserve Co. (NYSE:FLS)’s share price hit a new 52-week high on Thursday after TD Cowen raised their price target on the stock from $60.00 to $75.00. TD Cowen currently has a buy rating on the stock. Flowserve traded as high as $62.45 and last traded at $62.35, with a volume of 629185 shares. The stock had previously closed at $60.68.

Several other research analysts have also recently weighed in on the company. 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. Stifel Nicolaus upped their price objective on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Mizuho upped their price objective on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird upped their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.10.

Institutional Trading of Flowserve

Large investors have recently modified their holdings of the stock. True Wealth Design LLC purchased a new stake in shares of Flowserve during the third quarter worth $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the third quarter worth $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Flowserve during the third quarter worth $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Flowserve during the third quarter worth $29,000. Finally, Allworth Financial LP increased its position in shares of Flowserve by 159.9% during the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Stock Up 3.4 %

The business has a 50-day moving average price of $59.77 and a two-hundred day moving average price of $53.35. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The firm has a market cap of $8.25 billion, a PE ratio of 31.07, a price-to-earnings-growth ratio of 1.17 and a beta of 1.42.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, equities research analysts expect that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.34%. Flowserve’s payout ratio is currently 41.58%.

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.