Flowserve (NYSE:FLS) Sets New 12-Month High – Here’s Why

Flowserve Co. (NYSE:FLS)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $59.69 and last traded at $59.49, with a volume of 49682 shares changing hands. The stock had previously closed at $55.30.

Analysts Set New Price Targets

Several research firms have issued reports on FLS. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Bank of America raised their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. TD Cowen increased their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Jefferies Financial Group started coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Price Performance

The company has a market capitalization of $7.86 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 1.29 and a beta of 1.38. The stock’s 50-day moving average is $51.71 and its two-hundred day moving average is $49.45. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. On average, equities analysts predict that Flowserve Co. will post 2.71 EPS for the current year.

Flowserve Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.40%. Flowserve’s dividend payout ratio (DPR) is presently 41.58%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Flowserve by 1.1% during the third quarter. PNC Financial Services Group Inc. now owns 25,735 shares of the industrial products company’s stock worth $1,330,000 after acquiring an additional 277 shares during the last quarter. Prospera Financial Services Inc increased its stake in Flowserve by 4.7% during the 3rd quarter. Prospera Financial Services Inc now owns 29,311 shares of the industrial products company’s stock worth $1,515,000 after buying an additional 1,314 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Flowserve by 1.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 2,603,528 shares of the industrial products company’s stock valued at $134,577,000 after purchasing an additional 44,039 shares during the last quarter. Chesapeake Capital Corp IL increased its position in shares of Flowserve by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 12,689 shares of the industrial products company’s stock valued at $652,000 after purchasing an additional 2,769 shares during the last quarter. Finally, KPP Advisory Services LLC increased its position in shares of Flowserve by 3.2% in the 3rd quarter. KPP Advisory Services LLC now owns 7,038 shares of the industrial products company’s stock valued at $364,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other 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.