Flowserve (NYSE:FLS) Price Target Raised to $98.00

Key Points

• Royal Bank of Canada raised Flowserve’s price target to $98 from $88 and maintained an “outperform” rating, implying 23.05% upside from the stock’s $79.64 closing price.
• Flowserve reported quarterly EPS of $1.07, beating the $0.98 consensus estimate, while revenue reached $1.24 billion and increased 5.4% year over year.
• Analyst sentiment remains favorable: seven analysts rate the stock a Buy and four a Hold, resulting in a “Moderate Buy” consensus and an average target price of $86.40.

Flowserve (NYSE:FLS - Get Free Report) had its target price boosted by analysts at Royal Bank Of Canada from $88.00 to $98.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an "outperform" rating on the industrial products company's stock. Royal Bank Of Canada's target price would indicate a potential upside of 23.05% from the company's current price.

FLS has been the topic of a number of other research reports. Stifel Nicolaus raised their price target on shares of Flowserve from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings raised Flowserve from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 21st. Mizuho cut their price objective on Flowserve from $91.00 to $85.00 and set an "outperform" rating for the company in a research report on Thursday, October 15th. The Goldman Sachs Group set a $82.00 target price on Flowserve in a research report on Thursday, July 30th. Finally, Robert W. Baird set a $93.00 price target on shares of Flowserve in a research report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $86.40.

Flowserve Trading Down 0.9%

Shares of Flowserve stock traded down $0.70 on Friday, hitting $79.64. 816,398 shares of the company's stock traded hands, compared to its average volume of 1,874,992. The company has a market capitalization of $10.12 billion, a price-to-earnings ratio of 39.98, a price-to-earnings-growth ratio of 1.60 and a beta of 1.23. Flowserve has a one year low of $63.27 and a one year high of $92.41. The company has a fifty day moving average of $74.28 and a two-hundred day moving average of $76.40. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.15 and a quick ratio of 1.58.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FLS. BlackRock Inc. bought a new position in Flowserve in the 2nd quarter worth $999,631,000. PointState Capital LP purchased a new stake in shares of Flowserve in the second quarter worth about $196,837,000. Bank of New York Mellon Corp raised its position in shares of Flowserve by 5.1% during the 1st quarter. Bank of New York Mellon Corp now owns 2,448,977 shares of the industrial products company's stock worth $180,024,000 after purchasing an additional 118,254 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Flowserve during the 2nd quarter valued at about $144,400,000. Finally, William Blair Investment Management LLC purchased a new stake in Flowserve in the second quarter valued at approximately $84,869,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Flowserve Company Profile

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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