Flowserve (NYSE:FLS) had its target price increased by Royal Bank of Canada to $50.00 in a report published on Friday, The Fly reports. Royal Bank of Canada currently has an average rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

A number of other analysts also recently commented on FLS. BMO Capital Markets increased their price objective on shares of Flowserve from $42.00 to $50.00 and gave the company a market perform rating in a report on Thursday, August 9th. Northcoast Research reiterated a neutral rating on shares of Flowserve in a report on Thursday, August 9th. Robert W. Baird reiterated a hold rating and issued a $47.00 price objective on shares of Flowserve in a report on Friday, July 20th. Citigroup increased their price objective on shares of Flowserve from $47.00 to $52.00 and gave the company a neutral rating in a report on Friday, August 10th. Finally, Zacks Investment Research downgraded shares of Flowserve from a hold rating to a sell rating in a report on Monday, July 16th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $49.71.

FLS stock traded down $2.78 during mid-day trading on Friday, reaching $50.22. The company’s stock had a trading volume of 2,526,509 shares, compared to its average volume of 1,303,105. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 1.68 and a beta of 1.55. The company has a current ratio of 2.25, a quick ratio of 1.61 and a debt-to-equity ratio of 0.89. Flowserve has a fifty-two week low of $38.46 and a fifty-two week high of $56.86.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Wednesday, November 7th. The industrial products company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.07. The company had revenue of $952.72 million during the quarter, compared to the consensus estimate of $925.33 million. Flowserve had a negative net margin of 1.27% and a positive return on equity of 11.59%. Flowserve’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 EPS. As a group, equities analysts forecast that Flowserve will post 1.71 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in FLS. Beutel Goodman & Co Ltd. acquired a new stake in shares of Flowserve during the 2nd quarter worth approximately $54,163,000. Bank of America Corp DE increased its holdings in shares of Flowserve by 42.9% during the 2nd quarter. Bank of America Corp DE now owns 2,757,648 shares of the industrial products company’s stock worth $111,409,000 after buying an additional 827,459 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in shares of Flowserve by 4.5% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 14,533,419 shares of the industrial products company’s stock worth $587,150,000 after buying an additional 624,832 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Flowserve by 105.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 896,674 shares of the industrial products company’s stock worth $49,039,000 after buying an additional 459,453 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Flowserve during the 1st quarter worth approximately $9,007,000.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).

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Analyst Recommendations for Flowserve (NYSE:FLS)

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