Citigroup Issues Positive Forecast for Flowserve (NYSE:FLS) Stock Price

Flowserve (NYSE:FLS) had its price target upped by Citigroup from $58.00 to $65.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other brokerages have also recently issued reports on FLS. The Goldman Sachs Group increased their price objective on Flowserve from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Wall Street Zen raised Flowserve from a “buy” rating to a “strong-buy” rating in a report on Friday, June 6th. Royal Bank Of Canada raised their price target on Flowserve from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Baird R W raised Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Finally, Mizuho set a $60.00 price target on Flowserve in a report on Friday, May 16th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $63.00.

Flowserve Stock Down 1.2%

FLS stock opened at $52.97 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 1.18 and a beta of 1.25. Flowserve has a fifty-two week low of $37.34 and a fifty-two week high of $65.08. The stock has a fifty day moving average of $49.89 and a 200-day moving average of $52.06.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.13. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.11 billion. Flowserve had a return on equity of 17.68% and a net margin of 6.12%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 EPS. As a group, equities research analysts predict that Flowserve will post 3.18 earnings per share for the current year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, June 27th. This represents a $0.84 annualized dividend and a yield of 1.59%. Flowserve’s payout ratio is 39.25%.

Hedge Funds Weigh In On Flowserve

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Flowserve by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,477,208 shares of the industrial products company’s stock worth $775,209,000 after purchasing an additional 101,668 shares during the period. FIL Ltd increased its stake in Flowserve by 71.7% in the 4th quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock worth $302,271,000 after purchasing an additional 2,193,904 shares during the period. Wellington Management Group LLP increased its stake in Flowserve by 5.4% in the 1st quarter. Wellington Management Group LLP now owns 4,856,358 shares of the industrial products company’s stock worth $237,185,000 after purchasing an additional 248,273 shares during the period. AQR Capital Management LLC grew its position in shares of Flowserve by 9.7% in the 4th quarter. AQR Capital Management LLC now owns 2,925,459 shares of the industrial products company’s stock worth $168,272,000 after buying an additional 258,361 shares during the last quarter. Finally, Earnest Partners LLC grew its position in shares of Flowserve by 6.8% in the 1st quarter. Earnest Partners LLC now owns 2,741,538 shares of the industrial products company’s stock worth $133,897,000 after buying an additional 173,528 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

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.