Royal Bank of Canada Increases Flowserve (NYSE:FLS) Price Target to $57.00

Flowserve (NYSE:FLS) had its price target lifted by equities research analysts at Royal Bank of Canada from $55.00 to $57.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.28% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. TD Cowen upped their price target on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Jefferies Financial Group initiated coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. Mizuho upped their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird increased their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Price Performance

NYSE:FLS opened at $52.64 on Wednesday. Flowserve has a 12 month low of $35.80 and a 12 month high of $55.90. The stock has a 50 day moving average of $50.72 and a two-hundred day moving average of $48.98. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The firm has a market cap of $6.93 billion, a P/E ratio of 29.86, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39.

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 analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. Flowserve’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share. On average, analysts expect that Flowserve will post 2.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Flowserve during the third quarter worth $27,000. Signaturefd LLC lifted its stake in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares in the last quarter. Allworth Financial LP lifted its stake in Flowserve by 159.9% during the third quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Flowserve in the second quarter valued at $34,000. Finally, GAMMA Investing LLC raised its stake in shares of Flowserve by 166.0% in the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 616 shares in the last quarter. 93.93% of the stock is currently 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.