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

Flowserve (NYSE:FLS) had its price objective boosted by Bank of America from $48.00 to $57.00 in a report issued on Tuesday, Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Several other research analysts have also weighed in on the company. Mizuho lifted their target price on Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a report on Thursday, February 22nd. Citigroup lifted their target price on Flowserve from $50.00 to $56.00 and gave the stock a buy rating in a report on Monday, April 8th. Royal Bank of Canada lifted their target price on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a report on Thursday, February 22nd. Stifel Nicolaus boosted their price target on Flowserve from $51.00 to $53.00 and gave the company a buy rating in a report on Wednesday, April 17th. Finally, StockNews.com lowered Flowserve from a strong-buy rating to a buy rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $49.22.

Flowserve Stock Down 0.1 %

NYSE:FLS opened at $47.17 on Tuesday. Flowserve has a 12-month low of $32.49 and a 12-month high of $49.35. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $6.19 billion, a P/E ratio of 33.45, a P/E/G ratio of 1.33 and a beta of 1.46. The stock’s fifty day simple moving average is $45.14 and its 200-day simple moving average is $41.43.

Flowserve (NYSE:FLS) last posted its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share. Equities research analysts expect that Flowserve will post 2.55 earnings per share for the current year.

Flowserve Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were given a $0.21 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.78%. This is an increase from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s payout ratio is currently 59.57%.

Institutional Trading of Flowserve

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after acquiring an additional 144,704 shares during the last quarter. Wellington Management Group LLP increased its position in Flowserve by 2.5% during the third quarter. Wellington Management Group LLP now owns 10,134,913 shares of the industrial products company’s stock worth $403,065,000 after buying an additional 246,636 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Flowserve by 8.5% during the fourth 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 approximately $59,261,000. Finally, Gabelli Funds LLC increased its position in Flowserve by 0.3% during the third quarter. Gabelli Funds LLC now owns 1,296,034 shares of the industrial products company’s stock worth $51,543,000 after buying an additional 3,540 shares during the last quarter. Institutional investors and hedge funds 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.