Flowserve (NYSE:FLS) Hits New 12-Month High – Here’s What Happened

Flowserve Co. (NYSE:FLS) reached a new 52-week high on Wednesday . The company traded as high as $64.96 and last traded at $64.76, with a volume of 1332623 shares. The stock had previously closed at $63.50.

Wall Street Analysts Forecast Growth

Several analysts have commented on FLS shares. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and raised their price objective for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Robert W. Baird upped their price objective on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. TD Cowen lifted their target price on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. Finally, Bank of America lifted their price objective on Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.10.

Flowserve Stock Up 2.0 %

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 capitalization of $8.51 billion, a PE ratio of 32.06, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. The business has a 50-day moving average price of $59.98 and a 200-day moving average price of $53.79.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) 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 company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company earned $0.50 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities research analysts forecast that Flowserve Co. will post 2.7 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Friday, December 27th. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

Institutional Trading of Flowserve

Hedge funds have recently made changes to their positions in the company. True Wealth Design LLC acquired a new position in Flowserve in the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new stake in Flowserve in the third quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Flowserve in the 3rd quarter valued at $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Flowserve during the 3rd quarter worth $29,000. Finally, Allworth Financial LP increased its position in shares of Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

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.