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

Flowserve (NYSE:FLS) had its price target lifted by Royal Bank of Canada from $55.00 to $57.00 in a research note released on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the industrial products company’s stock.

Several other research analysts have also recently issued reports on the stock. Mizuho lifted their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Stifel Nicolaus lifted their target price on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Bank of America lifted their price target on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group lifted their price target on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Trading Down 0.7 %

Shares of NYSE FLS opened at $53.75 on Wednesday. Flowserve has a 1 year low of $35.80 and a 1 year high of $55.90. The stock has a market cap of $7.08 billion, a P/E ratio of 30.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The firm has a 50-day moving average of $50.60 and a 200 day moving average of $48.94. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.50 earnings per share. As a group, sell-side analysts expect that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.56%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Hedge Funds Weigh In On Flowserve

A number of hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its position in shares of Flowserve by 14.0% in the third quarter. Janney Montgomery Scott LLC now owns 35,466 shares of the industrial products company’s stock worth $1,833,000 after purchasing an additional 4,351 shares during the period. Jacobson & Schmitt Advisors LLC boosted its position in shares of Flowserve by 4.1% in the third quarter. Jacobson & Schmitt Advisors LLC now owns 235,915 shares of the industrial products company’s stock worth $12,194,000 after purchasing an additional 9,251 shares during the period. US Bancorp DE lifted its holdings in shares of Flowserve by 9.6% in the third quarter. US Bancorp DE now owns 5,433 shares of the industrial products company’s stock worth $281,000 after buying an additional 475 shares in the last quarter. Roubaix Capital LLC purchased a new position in shares of Flowserve in the third quarter worth $4,859,000. Finally, New York State Teachers Retirement System lifted its holdings in shares of Flowserve by 12.8% in the third quarter. New York State Teachers Retirement System now owns 149,371 shares of the industrial products company’s stock worth $7,721,000 after buying an additional 16,926 shares in the last quarter. 93.93% of the stock is currently owned by 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.