Flowserve (NYSE:FLS) Given New $57.00 Price Target at Royal Bank of Canada

Flowserve (NYSE:FLS) had its target price hoisted by Royal Bank of Canada from $55.00 to $57.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the industrial products company’s stock.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. TD Cowen upped their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Robert W. Baird upped their price target on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.10.

Flowserve Price Performance

Flowserve stock opened at $53.75 on Wednesday. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 30.37, a PEG ratio of 1.27 and a beta of 1.39. The firm’s fifty day moving average is $50.60 and its 200 day moving average is $48.94. 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 has a 52-week low of $35.80 and a 52-week high of $55.90.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the company posted $0.50 EPS. The company’s revenue was up 3.5% compared to the same quarter last year. Sell-side analysts forecast that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, September 27th. Flowserve’s payout ratio is 47.46%.

Institutional Trading of Flowserve

Hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the third quarter valued at about $27,000. Signaturefd LLC raised its position in shares of Flowserve by 185.9% in 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. Allworth Financial LP raised its position in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 403 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Flowserve in the 2nd quarter valued at approximately $34,000. Finally, GAMMA Investing LLC raised its position in shares of Flowserve by 166.0% in the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.