Flowserve (NYSE:FLS) Price Target Raised to $93.00

Key Points

• Citigroup raised Flowserve’s price target from $92 to $93 and maintained a “buy” rating, implying 17.47% potential upside. Other analysts also raised targets, with the stock carrying a “Moderate Buy” consensus and an average target of $86.
• Flowserve exceeded quarterly earnings expectations, reporting $1.07 EPS versus $0.98 expected, while revenue reached $1.24 billion and increased 5.4% year over year.
• The stock traded at $79.17, with institutional investors and hedge funds owning 93.93% of outstanding shares; Flowserve’s market capitalization was approximately $10.06 billion.

Flowserve (NYSE:FLS - Get Free Report) had its price objective increased by equities research analysts at Citigroup from $92.00 to $93.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Citigroup's target price points to a potential upside of 17.47% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada upped their target price on shares of Flowserve from $88.00 to $98.00 and gave the stock an "outperform" rating in a report on Friday. The Goldman Sachs Group set a $82.00 price objective on shares of Flowserve in a research report on Thursday, July 30th. Weiss Ratings raised shares of Flowserve from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 21st. Robert W. Baird set a $93.00 target price on shares of Flowserve in a report on Friday, July 31st. Finally, Stifel Nicolaus boosted their target price on shares of Flowserve from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $86.00.

Flowserve Stock Performance

FLS traded down $1.18 on Friday, reaching $79.17. The stock had a trading volume of 2,528,939 shares, compared to its average volume of 1,883,524. The company has a current ratio of 2.15, a quick ratio of 1.58 and a debt-to-equity ratio of 0.91. Flowserve has a 12-month low of $63.27 and a 12-month high of $92.41. The business's 50-day moving average price is $74.28 and its two-hundred day moving average price is $76.40. The company has a market cap of $10.06 billion, a P/E ratio of 39.78, a price-to-earnings-growth ratio of 1.60 and a beta of 1.23.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The industrial products company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.09. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Flowserve had a return on equity of 22.37% and a net margin of 5.42%. Flowserve's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. Sell-side analysts forecast that Flowserve will post 4.10 earnings per share for the current year.

Institutional Investors Weigh In On Flowserve

Institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Flowserve by 31.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 60,072 shares of the industrial products company's stock worth $4,392,000 after acquiring an additional 14,505 shares during the period. Vise Technologies Inc. purchased a new position in Flowserve in the third quarter valued at $269,000. MGO One Seven LLC purchased a new position in Flowserve in the third quarter valued at $277,000. Partners Wealth Management LLC acquired a new position in Flowserve during the 3rd quarter worth $229,000. Finally, D.A. Davidson & CO. grew its stake in Flowserve by 13.1% during the 3rd quarter. D.A. Davidson & CO. now owns 46,813 shares of the industrial products company's stock worth $3,423,000 after purchasing an additional 5,416 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

About Flowserve

Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.

Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.

Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.

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