Flowserve (NYSE:FLS) Reaches New 12-Month High Following Analyst Upgrade

Flowserve Co. (NYSE:FLS) hit a new 52-week high on Thursday after TD Cowen raised their price target on the stock from $60.00 to $75.00. TD Cowen currently has a buy rating on the stock. Flowserve traded as high as $62.45 and last traded at $62.35, with a volume of 629185 shares changing hands. The stock had previously closed at $60.68.

Several other brokerages have also recently weighed in on FLS. Royal Bank of Canada raised shares of Flowserve from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $57.00 to $69.00 in a research report on Friday, November 22nd. Robert W. Baird lifted their target price on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Stifel Nicolaus increased their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Mizuho raised their price objective on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Bank of America upped their target price on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.10.

Institutional Trading of Flowserve

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC grew its position 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 purchasing an additional 1,596,429 shares in the last quarter. AQR Capital Management LLC boosted its stake in Flowserve by 31.8% during the second quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock valued at $132,221,000 after buying an additional 663,631 shares during the period. Point72 Asset Management L.P. grew its position in Flowserve by 197.6% during the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after buying an additional 606,416 shares in the last quarter. Hood River Capital Management LLC bought a new position in Flowserve in the 2nd quarter worth about $23,911,000. Finally, Massachusetts Financial Services Co. MA increased its stake in Flowserve by 34.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after acquiring an additional 422,141 shares during the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Trading Up 3.7 %

The stock has a market cap of $8.26 billion, a PE ratio of 31.10, a PEG ratio of 1.17 and a beta of 1.42. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $59.69 and a two-hundred day simple moving average of $53.29.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.12 billion. During the same period in the prior year, the business earned $0.50 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities analysts expect that Flowserve Co. will post 2.71 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.21 dividend. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a yield of 1.34%. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

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.