Flowserve’s (FLS) “Buy” Rating Reiterated at Bank of America

Flowserve (NYSE:FLS)‘s stock had its “buy” rating reiterated by stock analysts at Bank of America in a note issued to investors on Tuesday, Benzinga reports. They presently have a $60.00 price objective on the industrial products company’s stock. Bank of America‘s price target indicates a potential upside of 16.05% from the stock’s current price.

A number of other research analysts have also recently weighed in on FLS. Stifel Nicolaus lifted their target price on Flowserve from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. TD Cowen lifted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Robert W. Baird lifted their target price on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada boosted their price objective on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and a consensus target price of $56.11.

Flowserve Trading Up 6.4 %

Shares of NYSE:FLS traded up $3.10 during midday trading on Tuesday, reaching $51.70. The company’s stock had a trading volume of 918,100 shares, compared to its average volume of 1,035,479. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 1.09 and a beta of 1.39. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. Flowserve has a 1 year low of $35.31 and a 1 year high of $52.09. The business has a 50 day moving average price of $47.95 and a 200 day moving average price of $47.56.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 earnings per share. Research analysts forecast that Flowserve will post 2.76 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Moody National Bank Trust Division lifted its stake in shares of Flowserve by 2.8% in the first quarter. Moody National Bank Trust Division now owns 9,495 shares of the industrial products company’s stock worth $434,000 after acquiring an additional 259 shares in the last quarter. Toronto Dominion Bank lifted its stake in shares of Flowserve by 0.7% in the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock worth $2,127,000 after acquiring an additional 305 shares in the last quarter. Signaturefd LLC increased its holdings in Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after buying an additional 370 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Flowserve by 7.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock valued at $286,000 after buying an additional 426 shares during the last quarter. Finally, Retirement Systems of Alabama increased its holdings in Flowserve by 0.3% in the first quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company’s stock valued at $7,526,000 after buying an additional 433 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

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.