Flowserve (NYSE:FLS) Price Target Raised to $75.00

Flowserve (NYSE:FLS) had its target price lifted by TD Cowen from $60.00 to $75.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Stifel Nicolaus boosted their price target on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Mizuho upped their price target on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Bank of America lifted their price objective on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Flowserve has an average rating of “Moderate Buy” and an average price target of $66.10.

Flowserve Stock Performance

Shares of FLS opened at $63.61 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The firm’s 50 day moving average is $59.85 and its 200-day moving average is $53.51. Flowserve has a 12-month low of $39.69 and a 12-month high of $63.86. The stock has a market capitalization of $8.36 billion, a P/E ratio of 31.49, a P/E/G ratio of 1.17 and a beta of 1.42.

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

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Friday, December 27th. Flowserve’s dividend payout ratio is currently 41.58%.

Institutional Trading of Flowserve

A number of institutional investors have recently bought and sold shares of the company. True Wealth Design LLC acquired a new position in Flowserve in the 3rd quarter worth about $25,000. V Square Quantitative Management LLC acquired a new position in Flowserve in the third quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new position in Flowserve during the third quarter valued at approximately $29,000. Wilmington Savings Fund Society FSB bought a new position in Flowserve during the third quarter valued at approximately $29,000. Finally, Allworth Financial LP grew its position in Flowserve by 159.9% in the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 403 shares in the last quarter. 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.