Flowserve (NYSE:FLS) Price Target Lowered to $72.00 at Citigroup

Flowserve (NYSE:FLS) had its target price reduced by Citigroup from $73.00 to $72.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research analysts have also recently issued reports on FLS. Stifel Nicolaus lifted their price objective on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Robert W. Baird boosted their price target on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America upped their price objective on shares of Flowserve from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada upgraded shares of Flowserve from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $57.00 to $69.00 in a research note on Friday, November 22nd. Finally, StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $64.30.

Flowserve Price Performance

NYSE:FLS opened at $59.10 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The company has a 50-day moving average of $59.48 and a 200-day moving average of $53.07. Flowserve has a 52 week low of $39.37 and a 52 week high of $62.32. The company has a market capitalization of $7.76 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 1.46 and a beta of 1.41.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Flowserve will post 2.71 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.21 dividend. The ex-dividend date was Friday, December 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.42%. Flowserve’s payout ratio is 41.58%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. True Wealth Design LLC bought a new stake in shares of Flowserve during the third quarter worth approximately $25,000. V Square Quantitative Management LLC acquired a new stake in Flowserve during the 3rd quarter worth $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Flowserve during the 3rd quarter valued at $29,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Flowserve in the 3rd quarter valued at $29,000. Finally, Allworth Financial LP boosted its position in shares of Flowserve by 159.9% in the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 403 shares during 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.