Flowserve (NYSE:FLS) Price Target Raised to $59.00

Flowserve (NYSE:FLS) had its price objective upped by Citigroup from $56.00 to $59.00 in a research report released on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

FLS has been the subject of a number of other reports. UBS Group raised their price objective on shares of Flowserve from $46.00 to $54.00 and gave the company a buy rating in a research note on Wednesday. Royal Bank of Canada raised their price target on shares of Flowserve from $43.00 to $46.00 and gave the company a sector perform rating in a report on Thursday, February 22nd. Bank of America raised their price target on shares of Flowserve from $48.00 to $57.00 and gave the company a buy rating in a report on Tuesday. StockNews.com downgraded shares of Flowserve from a strong-buy rating to a buy rating in a report on Saturday, April 27th. Finally, Mizuho reaffirmed a buy rating and set a $53.00 price target (up previously from $50.00) on shares of Flowserve in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $51.20.

Flowserve Stock Up 0.2 %

NYSE:FLS opened at $47.25 on Wednesday. The firm has a market cap of $6.20 billion, a P/E ratio of 26.70, a P/E/G ratio of 1.34 and a beta of 1.46. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.27 and a current ratio of 1.88. Flowserve has a fifty-two week low of $32.49 and a fifty-two week high of $49.35. The firm has a 50-day simple moving average of $45.24 and a two-hundred day simple moving average of $41.47.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. Flowserve had a net margin of 5.29% and a return on equity of 15.61%. Flowserve’s revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS. Analysts predict that Flowserve will post 2.55 earnings per share for the current fiscal year.

Flowserve Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were issued a $0.21 dividend. This is an increase from Flowserve’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.78%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Hedge Funds Weigh In On Flowserve

A number of institutional investors and hedge funds have recently made changes to their positions in FLS. Norges Bank purchased a new position in shares of Flowserve in the fourth quarter worth approximately $59,261,000. Clearbridge Investments LLC bought a new stake in Flowserve during the 3rd quarter worth approximately $29,745,000. Hennessy Advisors Inc. bought a new stake in Flowserve during the 4th quarter worth approximately $22,321,000. AQR Capital Management LLC raised its stake in Flowserve by 270.4% during the 3rd quarter. AQR Capital Management LLC now owns 636,509 shares of the industrial products company’s stock worth $25,314,000 after acquiring an additional 464,667 shares during the period. Finally, Pantechnicon Advisors LLP bought a new stake in Flowserve during the 3rd quarter worth approximately $17,976,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

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.