The Goldman Sachs Group Forecasts Strong Price Appreciation for Flowserve (NYSE:FLS) Stock

Flowserve (NYSE:FLS - Get Free Report) had its price target raised by The Goldman Sachs Group from $54.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the industrial products company's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 11.77% from the stock's previous close.

A number of other research firms have also recently commented on FLS. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. Baird R W raised shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Mizuho set a $60.00 price target on shares of Flowserve in a research report on Friday, May 16th. Citigroup reduced their price target on shares of Flowserve from $72.00 to $56.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Royal Bank Of Canada lifted their target price on shares of Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $62.00.

Flowserve Price Performance

NYSE:FLS traded up $1.53 during trading hours on Tuesday, hitting $53.68. 967,987 shares of the stock traded hands, compared to its average volume of 1,968,946. The company has a quick ratio of 1.46, a current ratio of 2.07 and a debt-to-equity ratio of 0.68. Flowserve has a 1 year low of $37.34 and a 1 year high of $65.08. The stock has a 50 day moving average price of $49.26 and a 200 day moving average price of $52.19. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.59 by $0.13. The business had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.11 billion. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.58 EPS. Sell-side analysts forecast that Flowserve will post 3.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE raised its holdings in Flowserve by 5.3% in the 4th quarter. US Bancorp DE now owns 5,722 shares of the industrial products company's stock valued at $329,000 after buying an additional 289 shares during the period. M&T Bank Corp increased its stake in shares of Flowserve by 85.2% during the fourth quarter. M&T Bank Corp now owns 8,386 shares of the industrial products company's stock worth $483,000 after buying an additional 3,858 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Flowserve during the fourth quarter worth approximately $930,000. Arizona State Retirement System increased its stake in shares of Flowserve by 0.6% during the fourth quarter. Arizona State Retirement System now owns 38,134 shares of the industrial products company's stock worth $2,193,000 after buying an additional 225 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Flowserve in the fourth quarter valued at approximately $14,546,000. Institutional investors and hedge funds own 93.93% of the company's stock.

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.

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