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

Flowserve Co. (NYSE:FLS) shares reached 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.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird boosted their price target on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 price objective for the company. Mizuho lifted their target price on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Bank of America increased their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.10.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its position in Flowserve by 1.0% during the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after buying an additional 37,132 shares during the period. AQR Capital Management LLC raised its position in Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after purchasing an additional 663,631 shares during the last quarter. Earnest Partners LLC lifted its holdings in Flowserve by 4.8% during the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock worth $128,841,000 after buying an additional 121,873 shares during the period. Millennium Management LLC grew its position in shares of Flowserve by 155.2% in the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after buying an additional 1,596,429 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Flowserve by 1.7% in the third quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after buying an additional 44,039 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Stock Up 3.7 %

The stock has a 50-day moving average price of $59.69 and a 200-day moving average price of $53.29. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The company has a market capitalization of $8.26 billion, a P/E ratio of 31.10, a P/E/G ratio of 1.17 and a beta of 1.42.

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 analysts’ consensus estimates of $0.67 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. Flowserve’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS. On average, research analysts predict that Flowserve Co. will post 2.71 EPS for the current fiscal year.

Flowserve Dividend Announcement

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