Citigroup Forecasts Strong Price Appreciation for Flowserve (NYSE:FLS) Stock

Flowserve (NYSE:FLS - Free Report) had its target price boosted by Citigroup from $58.00 to $65.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the industrial products company's stock.

FLS has been the subject of a number of other research reports. Mizuho set a $60.00 price objective on shares of Flowserve in a report on Friday, May 16th. Robert W. Baird dropped their price objective on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Royal Bank Of Canada boosted their target price on Flowserve from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Baird R W raised shares of Flowserve from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. Finally, Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $63.00.

Flowserve Trading Up 2.0%

Flowserve stock traded up $1.06 during trading on Monday, reaching $54.85. 1,748,956 shares of the company were exchanged, compared to its average volume of 1,608,866. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.07 and a quick ratio of 1.46. The stock's 50 day simple moving average is $50.26 and its two-hundred day simple moving average is $52.04. The company has a market capitalization of $7.17 billion, a P/E ratio of 25.63, a PEG ratio of 1.16 and a beta of 1.25. Flowserve has a 52-week low of $37.34 and a 52-week high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Flowserve's quarterly revenue was up 5.2% on a year-over-year basis. On average, equities research analysts expect that Flowserve will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Friday, June 27th. Flowserve's payout ratio is currently 39.25%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. TD Private Client Wealth LLC purchased a new stake in shares of Flowserve in the second quarter valued at $25,000. Headlands Technologies LLC raised its stake in Flowserve by 4,790.0% in the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 479 shares during the last quarter. Park Square Financial Group LLC purchased a new position in Flowserve in the 4th quarter valued at about $33,000. Colonial Trust Co SC boosted its stake in shares of Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after purchasing an additional 478 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Flowserve by 74.5% during the second quarter. Parallel Advisors LLC now owns 806 shares of the industrial products company's stock worth $42,000 after buying an additional 344 shares in the last quarter. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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.