Flowserve (NYSE:FLS) Price Target Raised to $52.00

Flowserve (NYSE:FLS) had its price objective boosted by The Goldman Sachs Group from $46.00 to $52.00 in a research note issued to investors on Thursday morning, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the industrial products company’s stock.

FLS has been the topic of a number of other research reports. Stifel Nicolaus boosted their target price on shares of Flowserve from $58.00 to $60.00 and gave the company a buy rating in a report on Wednesday, July 31st. Bank of America reiterated a buy rating and set a $60.00 price objective on shares of Flowserve in a research note on Tuesday, September 24th. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Thursday, August 8th. TD Cowen upped their price target on Flowserve from $55.00 to $57.00 and gave the company a buy rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada raised their price objective 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $56.33.

Flowserve Stock Performance

Shares of FLS stock traded up $0.87 on Thursday, hitting $54.73. 133,216 shares of the stock were exchanged, compared to its average volume of 1,069,275. The firm’s 50 day moving average is $48.58 and its two-hundred day moving average is $48.25. Flowserve has a one year low of $35.31 and a one year high of $54.76. The firm has a market capitalization of $7.19 billion, a PE ratio of 27.91, a P/E/G ratio of 1.27 and a beta of 1.39. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last issued its earnings results 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 net margin of 5.67% and a return on equity of 16.74%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business earned $0.52 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Sell-side analysts expect that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is 43.52%.

Institutional Investors Weigh In On Flowserve

Several hedge funds have recently bought and sold shares of the stock. Signaturefd LLC increased its holdings in shares of Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after buying an additional 370 shares during the last quarter. nVerses Capital LLC purchased a new position in Flowserve in the second quarter worth $34,000. GAMMA Investing LLC increased its stake in Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 616 shares during the last quarter. Raleigh Capital Management Inc. raised its position in Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 596 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Flowserve during the second quarter valued at about $70,000. 93.93% of the stock is currently owned by institutional investors.

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.