Flowserve (FLS) Price Target Increased to $50.00 by Analysts at Royal Bank of Canada
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.
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.
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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