Flowserve (NYSE:FLS) Hits New 12-Month High on Strong Earnings

Shares of Flowserve Co. (NYSE:FLS) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $49.35 and last traded at $48.74, with a volume of 367927 shares trading hands. The stock had previously closed at $47.22.

The industrial products company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 EPS.

Flowserve Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were given a $0.21 dividend. This is a positive change from Flowserve’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.72%. Flowserve’s payout ratio is 59.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Citigroup upped their price target on shares of Flowserve from $50.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Royal Bank of Canada increased their target price on shares of Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Thursday, February 22nd. Stifel Nicolaus increased their target price on shares of Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Mizuho increased their target price on shares of Flowserve from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.25.

Institutional Trading of Flowserve

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Flowserve by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock worth $552,573,000 after buying an additional 144,704 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Flowserve by 2.5% during the 3rd quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock worth $403,065,000 after acquiring an additional 246,636 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Flowserve by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,003,699 shares of the industrial products company’s stock worth $82,595,000 after buying an additional 157,125 shares during the last quarter. Norges Bank acquired a new position in Flowserve during the fourth quarter worth about $59,261,000. Finally, Gabelli Funds LLC grew its holdings in Flowserve by 0.3% during the 3rd quarter. Gabelli Funds LLC now owns 1,296,034 shares of the industrial products company’s stock valued at $51,543,000 after buying an additional 3,540 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Flowserve Trading Up 3.3 %

The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46. The business has a 50 day moving average of $45.04 and a 200 day moving average of $41.36. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.59.

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.