Flowserve’s (FLS) Buy Rating Reiterated at Bank of America

Flowserve (NYSE:FLS)‘s stock had its “buy” rating reissued by Bank of America in a research note issued on Tuesday, Benzinga reports. They currently have a $60.00 target price on the industrial products company’s stock. Bank of America‘s price target indicates a potential upside of 15.04% from the stock’s current price.

FLS has been the topic of several other reports. Stifel Nicolaus boosted their price target on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Royal Bank of Canada upped their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. TD Cowen increased their price objective on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird lifted their target price on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.11.

Flowserve Trading Up 0.0 %

FLS opened at $52.16 on Tuesday. The company’s 50 day moving average is $47.98 and its 200-day moving average is $47.65. The company has a market cap of $6.85 billion, a P/E ratio of 29.47, a PEG ratio of 1.16 and a beta of 1.39. Flowserve has a 1-year low of $35.31 and a 1-year high of $53.86. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60.

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. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts predict that Flowserve will post 2.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FLS. Vanguard Group Inc. increased its stake in Flowserve by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 13,405,458 shares of the industrial products company’s stock valued at $552,573,000 after purchasing an additional 144,704 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Flowserve by 31.8% in the 2nd 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. Earnest Partners LLC increased its position in Flowserve by 4.8% in the 2nd quarter. Earnest Partners LLC now owns 2,678,601 shares of the industrial products company’s stock valued at $128,841,000 after buying an additional 121,873 shares in the last quarter. Millennium Management LLC raised its stake in Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock worth $126,259,000 after buying an additional 1,596,429 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Flowserve by 3.4% in the second quarter. Thrivent Financial for Lutherans now owns 2,559,489 shares of the industrial products company’s stock worth $123,112,000 after acquiring an additional 83,868 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

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.