Royal Bank of Canada Lowers Flowserve (NYSE:FLS) Price Target to $68.00

Flowserve (NYSE:FLS) had its price target reduced by equities research analysts at Royal Bank of Canada from $69.00 to $68.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 18.12% from the company’s previous close.

Several other equities analysts have also commented on the stock. Citigroup reduced their target price on shares of Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, January 13th. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Friday, December 27th. Robert W. Baird increased their target price on shares of Flowserve from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday. The Goldman Sachs Group raised shares of Flowserve from a “sell” rating to a “neutral” rating and increased their target price for the company from $55.00 to $69.00 in a report on Thursday, December 12th. Finally, TD Cowen increased their price target on shares of Flowserve from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.40.

Flowserve Price Performance

NYSE FLS traded down $1.43 on Thursday, hitting $57.57. The stock had a trading volume of 419,826 shares, compared to its average volume of 1,288,232. Flowserve has a 52-week low of $41.60 and a 52-week high of $65.08. 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 company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. The firm has a 50-day moving average of $60.75 and a 200-day moving average of $55.69.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Flowserve had a return on equity of 17.11% and a net margin of 6.20%. Equities analysts expect that Flowserve will post 3.21 EPS for the current year.

Institutional Investors Weigh In On Flowserve

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Flowserve by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company’s stock worth $775,209,000 after purchasing an additional 101,668 shares during the period. FIL Ltd lifted its position in Flowserve by 71.7% during the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after acquiring an additional 2,193,904 shares during the period. State Street Corp lifted its position in Flowserve by 1.0% during the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock valued at $201,685,000 after acquiring an additional 37,132 shares during the period. AQR Capital Management LLC lifted its position in Flowserve by 9.7% during the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company’s stock valued at $168,272,000 after acquiring an additional 258,361 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in Flowserve by 1.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after acquiring an additional 44,039 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.