Flowserve (NYSE:FLS) Price Target Raised to $66.00 at Stifel Nicolaus

Key Points

• Stifel Nicolaus has raised the price target for Flowserve (NYSE:FLS) from $63.00 to $66.00, indicating a potential upside of 17.67% from the stock's previous close, while maintaining a "buy" rating.
• Multiple other analysts, including Citigroup and Royal Bank of Canada, have also increased their price targets for Flowserve, contributing to a consensus rating of "Buy" with an average target price of $65.78.
• Flowserve recently reported earnings per share of $0.91, surpassing analysts' expectations, with a net margin of 6.28% and revenue of $1.19 billion in its last quarterly report.

Flowserve (NYSE:FLS - Free Report) had its target price hoisted by Stifel Nicolaus from $63.00 to $66.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the industrial products company's stock.

Several other research firms also recently commented on FLS. Royal Bank Of Canada upped their price objective on shares of Flowserve from $64.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday. Mizuho set a $60.00 price objective on shares of Flowserve in a report on Friday, May 16th. Robert W. Baird decreased their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. The Goldman Sachs Group upped their price target on shares of Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Citigroup upped their price target on shares of Flowserve from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $65.78.

Flowserve Stock Performance

Shares of NYSE:FLS traded up $0.66 on Thursday, hitting $54.50. The company had a trading volume of 119,598 shares, compared to its average volume of 2,113,171. Flowserve has a 1-year low of $37.34 and a 1-year high of $65.08. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.13 and a beta of 1.28. The stock has a 50 day moving average price of $51.34 and a 200 day moving average price of $51.60. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. Analysts expect that Flowserve will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, June 27th. Flowserve's dividend payout ratio (DPR) is currently 38.01%.

Hedge Funds Weigh In On Flowserve

Several hedge funds have recently bought and sold shares of FLS. Nuveen LLC bought a new position in Flowserve in the 1st quarter valued at about $111,598,000. FIL Ltd increased its holdings in Flowserve by 71.7% in the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company's stock valued at $302,271,000 after buying an additional 2,193,904 shares during the period. Driehaus Capital Management LLC increased its holdings in Flowserve by 307.1% in the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock valued at $108,651,000 after buying an additional 1,424,948 shares during the period. Erste Asset Management GmbH increased its holdings in Flowserve by 978.8% in the 1st quarter. Erste Asset Management GmbH now owns 1,003,800 shares of the industrial products company's stock valued at $49,025,000 after buying an additional 910,750 shares during the period. Finally, Invesco Ltd. increased its holdings in Flowserve by 52.7% in the 4th quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company's stock valued at $118,953,000 after buying an additional 714,063 shares during the period. 93.93% of the stock is owned by institutional investors.

Flowserve Company Profile

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.