Citigroup Increases Flowserve (NYSE:FLS) Price Target to $73.00

Flowserve (NYSE:FLS) had its price objective raised by research analysts at Citigroup from $65.00 to $73.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price would suggest a potential upside of 19.87% from the company’s current price.

FLS has been the subject of several other research reports. Royal Bank of Canada raised shares of Flowserve from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. The Goldman Sachs Group increased their price objective on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Robert W. Baird increased their target price on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group started coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Mizuho lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.70.

Flowserve Stock Up 0.1 %

NYSE FLS traded up $0.07 on Monday, reaching $60.90. The company had a trading volume of 371,843 shares, compared to its average volume of 1,104,083. The company’s fifty day moving average is $56.77 and its 200-day moving average is $51.18. Flowserve has a 1-year low of $38.28 and a 1-year high of $62.32. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 30.15, a price-to-earnings-growth ratio of 1.46 and a beta of 1.41.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the firm posted $0.50 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, research analysts forecast that Flowserve will post 2.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flowserve

Several hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its holdings in shares of Flowserve by 155.2% during 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 period. Vaughan Nelson Investment Management L.P. purchased a new stake in Flowserve during the 2nd quarter worth approximately $37,100,000. AQR Capital Management LLC increased its holdings 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. Point72 Asset Management L.P. increased its holdings in Flowserve by 197.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after purchasing an additional 606,416 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Flowserve by 5,256.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 612,298 shares of the industrial products company’s stock worth $29,452,000 after purchasing an additional 600,866 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.