Jefferies Financial Group Begins Coverage on Flowserve (NYSE:FLS)

Jefferies Financial Group assumed coverage on shares of Flowserve (NYSE:FLS) in a report published on Friday morning, Marketbeat reports. The firm issued a buy rating and a $65.00 target price on the industrial products company’s stock.

Several other equities analysts have also recently issued reports on the stock. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Stifel Nicolaus increased their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 31st. TD Cowen raised their price objective on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Robert W. Baird boosted their price target on Flowserve from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.50.

Flowserve Stock Performance

NYSE:FLS opened at $54.51 on Friday. Flowserve has a 1-year low of $35.31 and a 1-year high of $55.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The business has a 50 day moving average of $49.71 and a 200 day moving average of $48.65. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 1.27 and a beta of 1.39.

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

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Friday, September 27th. Flowserve’s payout ratio is 47.46%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. RBA Wealth Management LLC purchased a new stake in Flowserve in the 1st quarter worth $3,112,000. Susquehanna Fundamental Investments LLC purchased a new position in Flowserve during the 1st quarter valued at approximately $3,808,000. Hennessy Advisors Inc. increased its stake in Flowserve by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company’s stock worth $28,226,000 after acquiring an additional 76,400 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Flowserve by 541.1% during the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock worth $20,616,000 after acquiring an additional 350,889 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Flowserve during the 1st quarter worth approximately $874,000. Institutional investors 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.