Stifel Nicolaus Increases Flowserve (NYSE:FLS) Price Target to $60.00

Flowserve (NYSE:FLS) had its price objective raised by Stifel Nicolaus from $58.00 to $60.00 in a research note released on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the company. Citigroup lifted their target price on Flowserve from $56.00 to $59.00 and gave the company a buy rating in a research note on Wednesday, May 1st. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their target price on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a research note on Wednesday. UBS Group lifted their target price on Flowserve from $46.00 to $54.00 and gave the company a buy rating in a research note on Wednesday, May 1st. Finally, Mizuho reaffirmed a buy rating and set a $53.00 target price (up previously from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $56.11.

Flowserve Trading Down 4.4 %

Shares of NYSE FLS opened at $46.82 on Wednesday. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 1.19 and a beta of 1.42. Flowserve has a 12-month low of $35.31 and a 12-month high of $52.09. The company has a current ratio of 2.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.60. The stock’s 50 day simple moving average is $48.51 and its 200 day simple moving average is $46.07.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities research analysts expect that Flowserve will post 2.72 EPS for the current year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.79%. The ex-dividend date was Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Insider Activity

In related news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the transaction, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Flowserve

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Flowserve by 79.1% in the fourth quarter. Pacer Advisors Inc. now owns 19,723 shares of the industrial products company’s stock worth $813,000 after buying an additional 8,708 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Flowserve in the fourth quarter worth $3,695,000. ABLE Financial Group LLC boosted its position in shares of Flowserve by 30.0% in the fourth quarter. ABLE Financial Group LLC now owns 14,195 shares of the industrial products company’s stock worth $585,000 after buying an additional 3,279 shares during the period. Advisors Preferred LLC acquired a new stake in shares of Flowserve in the fourth quarter worth $2,809,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Flowserve by 0.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 52,148 shares of the industrial products company’s stock worth $2,150,000 after buying an additional 450 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Company Profile

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.