Flowserve (NYSE:FLS) Upgraded by Royal Bank of Canada to “Outperform” Rating

Royal Bank of Canada upgraded shares of Flowserve (NYSE:FLS) from a sector perform rating to an outperform rating in a research report report published on Friday, Marketbeat.com reports. Royal Bank of Canada currently has $69.00 price target on the industrial products company’s stock, up from their previous price target of $57.00.

A number of other equities analysts have also commented on FLS. Jefferies Financial Group initiated coverage on Flowserve in a research note on Friday, October 18th. They set a “buy” rating and a $65.00 price objective on the stock. The Goldman Sachs Group lifted their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Mizuho lifted their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Bank of America lifted their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Stifel Nicolaus lifted their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued 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 $61.30.

Flowserve Price Performance

Flowserve stock opened at $61.85 on Friday. The stock’s fifty day moving average price is $54.39 and its two-hundred day moving average price is $50.37. Flowserve has a one year low of $37.34 and a one year high of $62.22. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The firm has a market cap of $8.13 billion, a PE ratio of 30.62, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the business earned $0.50 EPS. Flowserve’s revenue was up 3.5% on a year-over-year basis. As a group, research analysts expect that Flowserve will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Flowserve

Several hedge funds have recently modified their holdings of FLS. Millennium Management LLC boosted its holdings in shares of Flowserve by 155.2% during the 2nd quarter. Millennium Management LLC now owns 2,624,919 shares of the industrial products company’s stock valued at $126,259,000 after acquiring an additional 1,596,429 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new position in Flowserve during the 1st quarter worth about $41,413,000. Vaughan Nelson Investment Management L.P. acquired a new position in Flowserve during the 2nd quarter worth about $37,100,000. AQR Capital Management LLC lifted its holdings in Flowserve by 31.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,748,885 shares of the industrial products company’s stock worth $132,221,000 after buying an additional 663,631 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Flowserve by 197.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock worth $47,207,000 after buying an additional 606,416 shares during the period. 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.