Flowserve (NYSE:FLS) Price Target Raised to $55.00 at TD Cowen

Flowserve (NYSE:FLS) had its price objective lifted by TD Cowen from $50.00 to $55.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other research analysts have also recently commented on the company. Royal Bank of Canada raised their target price on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research report on Thursday, February 22nd. UBS Group raised their price objective on shares of Flowserve from $46.00 to $54.00 and gave the stock a buy rating in a report on Wednesday. Mizuho reissued a buy rating and issued a $53.00 price target (up previously from $50.00) on shares of Flowserve in a research report on Wednesday. Bank of America raised their price target on shares of Flowserve from $48.00 to $57.00 and gave the stock a buy rating in a research note on Tuesday. Finally, StockNews.com lowered Flowserve from a strong-buy rating to a buy rating in a research note on Saturday, April 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Flowserve currently has a consensus rating of Moderate Buy and an average price target of $51.55.

Flowserve Stock Performance

NYSE FLS traded up $0.25 during midday trading on Thursday, hitting $47.52. The company had a trading volume of 964,846 shares, compared to its average volume of 1,259,923. The firm has a fifty day simple moving average of $45.45 and a two-hundred day simple moving average of $41.57. Flowserve has a fifty-two week low of $32.49 and a fifty-two week high of $49.35. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.24 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.11. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company earned $0.40 earnings per share. Equities analysts forecast that Flowserve will post 2.62 earnings per share for the current fiscal year.

Flowserve Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Institutional Trading of Flowserve

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Central Pacific Bank Trust Division bought a new position in Flowserve in the first quarter valued at about $874,000. Chase Investment Counsel Corp raised its stake in shares of Flowserve by 58.0% during the first quarter. Chase Investment Counsel Corp now owns 105,147 shares of the industrial products company’s stock worth $4,803,000 after buying an additional 38,586 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in Flowserve in the first quarter valued at approximately $87,000. Janney Montgomery Scott LLC boosted its stake in Flowserve by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 31,471 shares of the industrial products company’s stock valued at $1,438,000 after acquiring an additional 2,013 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Flowserve by 20.9% during the 1st quarter. BNP Paribas Financial Markets now owns 79,494 shares of the industrial products company’s stock valued at $3,631,000 after acquiring an additional 13,738 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

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.