Royal Bank of Canada Issues Positive Forecast for Flowserve (NYSE:FLS) Stock Price

Flowserve (NYSE:FLS) had its target price boosted by Royal Bank of Canada from $49.00 to $53.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Flowserve from a “hold” rating to a “buy” rating in a report on Wednesday. Robert W. Baird decreased their price objective on Flowserve from $71.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday. TD Cowen raised their target price on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Baird R W raised Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Finally, Stifel Nicolaus upped their price objective on Flowserve from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $64.11.

Flowserve Stock Performance

Shares of FLS opened at $47.54 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. The stock has a 50-day moving average of $46.80 and a two-hundred day moving average of $55.03. The stock has a market cap of $6.21 billion, a P/E ratio of 22.22, a P/E/G ratio of 1.35 and a beta of 1.21. Flowserve has a one year low of $37.34 and a one year high of $65.08.

Flowserve (NYSE:FLS) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Flowserve’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, research analysts predict that Flowserve will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a $0.21 dividend. The ex-dividend date was Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. Flowserve’s dividend payout ratio is currently 39.25%.

Hedge Funds Weigh In On Flowserve

A number of large investors have recently added to or reduced their stakes in FLS. Verdence Capital Advisors LLC increased its stake in shares of Flowserve by 77.8% during the first quarter. Verdence Capital Advisors LLC now owns 9,471 shares of the industrial products company’s stock worth $463,000 after purchasing an additional 4,143 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Flowserve by 1.6% in the 1st quarter. Victory Capital Management Inc. now owns 136,462 shares of the industrial products company’s stock worth $6,665,000 after buying an additional 2,151 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Flowserve by 6.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,954,365 shares of the industrial products company’s stock worth $95,451,000 after buying an additional 122,161 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Flowserve by 71.5% during the first quarter. Signaturefd LLC now owns 1,029 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 429 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its position in shares of Flowserve by 11.1% in the first quarter. Edgestream Partners L.P. now owns 11,535 shares of the industrial products company’s stock valued at $563,000 after acquiring an additional 1,151 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.