Flowserve (FLS) Price Target Increased to $50.00 by Analysts at Royal Bank of Canada

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Flowserve (NYSE:FLS) had its target price hoisted by Royal Bank of Canada to $50.00 in a research report report published on Friday, The Fly reports. Royal Bank of Canada currently has an average rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

Several other brokerages have also recently commented on FLS. Stifel Nicolaus raised their price target on shares of Flowserve from $47.00 to $52.00 and gave the company a hold rating in a research report on Monday, October 8th. Zacks Investment Research raised shares of Flowserve from a hold rating to a buy rating and set a $60.00 price target for the company in a research report on Tuesday, September 11th. Northcoast Research raised shares of Flowserve from a neutral rating to a buy rating in a research report on Thursday, September 13th. DA Davidson raised their price target on shares of Flowserve to $48.00 and gave the company a neutral rating in a research report on Friday. Finally, Vertical Research cut shares of Flowserve from a hold rating to a sell rating and set a $44.00 price target for the company. in a research report on Thursday, October 18th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $49.71.

Flowserve stock traded down $2.78 during trading on Friday, hitting $50.22. The company had a trading volume of 2,526,509 shares, compared to its average volume of 1,303,105. Flowserve has a 1-year low of $38.46 and a 1-year high of $56.86. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.61 and a current ratio of 2.25. The company has a market capitalization of $6.43 billion, a PE ratio of 36.93, a price-to-earnings-growth ratio of 1.68 and a beta of 1.55.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Wednesday, November 7th. The industrial products company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.07. Flowserve had a negative net margin of 1.27% and a positive return on equity of 11.59%. The company had revenue of $952.72 million during the quarter, compared to analysts’ expectations of $925.33 million. During the same quarter last year, the company posted $0.37 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts forecast that Flowserve will post 1.71 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in FLS. Russell Investments Group Ltd. lifted its position in shares of Flowserve by 37.0% during the 1st quarter. Russell Investments Group Ltd. now owns 12,648 shares of the industrial products company’s stock worth $538,000 after purchasing an additional 3,418 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Flowserve during the 1st quarter worth $9,007,000. Royal Bank of Canada lifted its position in shares of Flowserve by 3.4% during the 1st quarter. Royal Bank of Canada now owns 106,512 shares of the industrial products company’s stock worth $4,615,000 after purchasing an additional 3,539 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of Flowserve by 12.2% during the 1st quarter. Allianz Asset Management GmbH now owns 93,149 shares of the industrial products company’s stock worth $4,037,000 after purchasing an additional 10,142 shares during the last quarter. Finally, DnB Asset Management AS purchased a new stake in shares of Flowserve during the 2nd quarter worth $648,000.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).

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