Flowserve (NYSE:FLS) Stock Rating Upgraded by Royal Bank of Canada

Flowserve (NYSE:FLS) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The firm presently has a $69.00 price objective on the industrial products company’s stock, up from their prior price objective of $57.00. Royal Bank of Canada’s price objective suggests a potential upside of 14.89% from the company’s previous close.

A number of other analysts have also weighed in on FLS. The Goldman Sachs Group increased their target price on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. Robert W. Baird increased their target price on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Stifel Nicolaus increased their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Mizuho increased their target price on Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Jefferies Financial Group started coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.30.

Flowserve Stock Up 0.3 %

Shares of FLS opened at $60.06 on Friday. The company has a market cap of $7.89 billion, a PE ratio of 29.73, a P/E/G ratio of 1.44 and a beta of 1.38. The business has a fifty day moving average of $53.83 and a 200 day moving average of $50.19. Flowserve has a 52-week low of $37.24 and a 52-week high of $61.60. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion during 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%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, sell-side analysts expect that Flowserve will post 2.72 EPS for the current year.

Hedge Funds Weigh In On Flowserve

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLS. KPP Advisory Services LLC boosted its holdings in Flowserve by 3.2% in the third quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock worth $364,000 after acquiring an additional 215 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Flowserve by 0.6% in the third quarter. HighTower Advisors LLC now owns 37,906 shares of the industrial products company’s stock worth $1,962,000 after acquiring an additional 215 shares in the last quarter. National Bank of Canada FI boosted its holdings in Flowserve by 4.1% in the third quarter. National Bank of Canada FI now owns 6,330 shares of the industrial products company’s stock worth $327,000 after acquiring an additional 252 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Flowserve by 1.1% in the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock worth $1,330,000 after acquiring an additional 277 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in Flowserve by 0.7% in the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock worth $2,127,000 after acquiring an additional 305 shares in the last quarter. 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.