Bank of America Reaffirms “Buy” Rating for Flowserve (NYSE:FLS)

by · The Markets Daily

Bank of America restated their buy rating on shares of Flowserve (NYSE:FLS – Free Report) in a report issued on Tuesday, Benzinga reports. The firm currently has a $60.00 price target on the industrial products company’s stock.

A number of other research analysts also recently commented on FLS. Robert W. Baird increased their price objective on Flowserve from $57.00 to $60.00 and gave the company a neutral rating in a report on Wednesday, July 31st. TD Cowen increased their price objective on Flowserve from $55.00 to $57.00 and gave the company a buy rating in a report on Thursday, August 1st. Royal Bank of Canada increased their price objective on Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a report on Wednesday, July 31st. StockNews.com downgraded Flowserve from a strong-buy rating to a buy rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus upped their target price on Flowserve from $58.00 to $60.00 and gave the company a buy rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Flowserve presently has a consensus rating of Moderate Buy and an average price target of $56.88.

Read Our Latest Stock Analysis on Flowserve

Flowserve Price Performance

Shares of NYSE FLS opened at $52.51 on Tuesday. The stock’s 50-day moving average is $48.03 and its two-hundred day moving average is $47.68. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. Flowserve has a 1-year low of $35.31 and a 1-year high of $53.86. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 29.67, a price-to-earnings-growth ratio of 1.16 and a beta of 1.39.

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

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.60%. Flowserve’s payout ratio is 47.46%.

Institutional Trading of Flowserve

Hedge funds have recently added to or reduced their stakes in the stock. RBA Wealth Management LLC acquired a new stake in Flowserve during the 1st quarter worth approximately $3,112,000. Susquehanna Fundamental Investments LLC acquired a new stake in Flowserve during the 1st quarter worth approximately $3,808,000. Hennessy Advisors Inc. lifted its position in Flowserve by 14.1% during 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 period. National Bank of Canada FI lifted its position in 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 during the period. Finally, Norges Bank acquired a new stake in shares of Flowserve in the 4th quarter valued at approximately $59,261,000. 93.93% of the stock is owned by institutional investors and hedge funds.

About Flowserve

(Get Free Report)

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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