Flowserve (NYSE:FLS) Hits New 12-Month High – Here’s What Happened

Flowserve Co. (NYSE:FLS)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $64.96 and last traded at $64.76, with a volume of 1332623 shares. The stock had previously closed at $63.50.

Analysts Set New Price Targets

Several research firms recently weighed in on FLS. Bank of America lifted their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada upgraded Flowserve from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $57.00 to $69.00 in a report on Friday, November 22nd. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 27th. The Goldman Sachs Group raised Flowserve from a “sell” rating to a “neutral” rating and lifted their target price for the company from $55.00 to $69.00 in a research report on Thursday, December 12th. Finally, Robert W. Baird increased their price target on shares of Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.10.

Flowserve Price Performance

The stock’s 50 day moving average is $59.98 and its two-hundred day moving average is $53.79. 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 stock has a market capitalization of $8.51 billion, a PE ratio of 32.06, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 earnings per share. As a group, sell-side analysts forecast that Flowserve Co. will post 2.7 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, December 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.30%. Flowserve’s dividend payout ratio is currently 41.58%.

Institutional Investors Weigh In On Flowserve

Several hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC acquired a new position in Flowserve in the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Flowserve in the 3rd quarter valued at $29,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Flowserve in the 3rd quarter valued at $29,000. Finally, Allworth Financial LP raised its stake in Flowserve by 159.9% during the 3rd 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.