Bank of America Reiterates Buy Rating for Flowserve (NYSE:FLS)

Flowserve (NYSE:FLS)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a report issued on Tuesday, Benzinga reports. They currently have a $60.00 target price on the industrial products company’s stock. Bank of America‘s price target suggests a potential upside of 15.04% from the company’s previous close.

Other analysts have also issued research reports about the company. Stifel Nicolaus upped their price objective on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada raised their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Robert W. Baird upped their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, TD Cowen lifted their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.11.

Flowserve Stock Up 0.0 %

NYSE:FLS opened at $52.16 on Tuesday. Flowserve has a twelve month low of $35.31 and a twelve month high of $53.86. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of 29.47, a price-to-earnings-growth ratio of 1.16 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock’s 50 day moving average price is $47.98 and its two-hundred day moving average price is $47.65.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. Equities research analysts expect that Flowserve will post 2.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FLS. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Flowserve in the second quarter valued at approximately $70,000. Newbridge Financial Services Group Inc. lifted its position in shares of Flowserve by 3,722.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 8,065 shares of the industrial products company’s stock valued at $388,000 after acquiring an additional 7,854 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Flowserve during the 2nd quarter valued at $609,000. KPP Advisory Services LLC grew its holdings in shares of Flowserve by 11.3% during the 2nd quarter. KPP Advisory Services LLC now owns 6,823 shares of the industrial products company’s stock worth $328,000 after purchasing an additional 694 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Flowserve by 1,137.3% in the second quarter. Point72 Asset Management L.P. now owns 306,852 shares of the industrial products company’s stock worth $14,760,000 after purchasing an additional 282,052 shares during the period. Institutional investors and hedge funds 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.