Flowserve (FLS) Trading Up 2% Following Analyst Upgrade

Shares of Flowserve Corp (NYSE:FLS) were up 2% during trading on Friday after Royal Bank of Canada raised their price target on the stock from $40.00 to $44.00. Royal Bank of Canada currently has a sector perform rating on the stock. Flowserve traded as high as $51.55 and last traded at $49.94. Approximately 95,447 shares were traded during trading, a decline of 89% from the average daily volume of 883,750 shares. The stock had previously closed at $48.97.

A number of other research firms have also commented on FLS. BMO Capital Markets increased their price objective on Flowserve from $42.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday. Northcoast Research reaffirmed a “neutral” rating on shares of Flowserve in a research note on Thursday. Zacks Investment Research lowered Flowserve from a “hold” rating to a “sell” rating in a research note on Monday, July 16th. Oppenheimer reaffirmed a “hold” rating on shares of Flowserve in a research note on Wednesday. Finally, DA Davidson set a $42.00 price objective on Flowserve and gave the company a “hold” rating in a research note on Monday, May 14th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.18.

A number of large investors have recently modified their holdings of the business. FMR LLC boosted its stake in Flowserve by 0.5% in the 2nd quarter. FMR LLC now owns 9,337,955 shares of the industrial products company’s stock worth $377,253,000 after buying an additional 48,606 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new stake in Flowserve in the 2nd quarter worth about $54,163,000. Gabelli Funds LLC lifted its stake in shares of Flowserve by 0.9% in the 1st quarter. Gabelli Funds LLC now owns 1,605,100 shares of the industrial products company’s stock valued at $69,549,000 after purchasing an additional 14,100 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Flowserve by 17.5% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,405,642 shares of the industrial products company’s stock valued at $60,906,000 after purchasing an additional 209,038 shares in the last quarter. Finally, SPF Beheer BV lifted its stake in shares of Flowserve by 0.7% in the 1st quarter. SPF Beheer BV now owns 1,311,395 shares of the industrial products company’s stock valued at $57,072,000 after purchasing an additional 9,739 shares in the last quarter.

The company has a market cap of $6.02 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.71 and a beta of 1.47. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.29 and a quick ratio of 1.62.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $973.13 million for the quarter, compared to analyst estimates of $923.89 million. Flowserve had a positive return on equity of 10.41% and a negative net margin of 0.03%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. research analysts predict that Flowserve Corp will post 1.62 EPS for the current year.

Flowserve Company Profile

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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