Flowserve (NYSE:FLS) Upgraded at Credit Suisse Group

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Credit Suisse Group upgraded shares of Flowserve (NYSE:FLS) from a neutral rating to an outperform rating in a report issued on Friday morning, BenzingaRatingsTable reports.

FLS has been the topic of a number of other research reports. Citigroup raised shares of Flowserve from a neutral rating to a buy rating and raised their price objective for the stock from $55.00 to $61.00 in a report on Monday, July 8th. ValuEngine downgraded shares of Flowserve from a buy rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research raised shares of Flowserve from a hold rating to a buy rating and set a $57.00 price objective on the stock in a report on Friday, May 17th. Morgan Stanley raised their price objective on shares of Flowserve from $46.00 to $47.00 and gave the stock an underweight rating in a report on Wednesday, July 10th. Finally, Stifel Nicolaus raised their price objective on shares of Flowserve from $49.00 to $52.00 and gave the stock a hold rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $49.54.

FLS opened at $44.62 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.57 and a current ratio of 2.28. The stock has a market capitalization of $5.93 billion, a P/E ratio of 25.50, a price-to-earnings-growth ratio of 1.32 and a beta of 1.63. The business has a 50 day simple moving average of $51.14. Flowserve has a 12-month low of $35.88 and a 12-month high of $56.86.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $990.08 million for the quarter, compared to the consensus estimate of $1 billion. Flowserve had a net margin of 5.41% and a return on equity of 15.75%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. As a group, research analysts predict that Flowserve will post 2.2 EPS for the current fiscal year.

In other Flowserve news, insider John Lenander sold 5,761 shares of Flowserve stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $49.32, for a total transaction of $284,132.52. Following the transaction, the insider now owns 16,568 shares of the company’s stock, valued at $817,133.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. AlphaCrest Capital Management LLC lifted its holdings in Flowserve by 22.0% during the first quarter. AlphaCrest Capital Management LLC now owns 16,344 shares of the industrial products company’s stock valued at $738,000 after purchasing an additional 2,944 shares in the last quarter. Woodstock Corp lifted its holdings in Flowserve by 0.8% during the second quarter. Woodstock Corp now owns 32,550 shares of the industrial products company’s stock valued at $1,715,000 after purchasing an additional 250 shares in the last quarter. Bfsg LLC purchased a new position in Flowserve during the first quarter valued at approximately $462,000. Principal Financial Group Inc. lifted its holdings in Flowserve by 1.5% during the fourth quarter. Principal Financial Group Inc. now owns 196,051 shares of the industrial products company’s stock valued at $7,454,000 after purchasing an additional 2,881 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. lifted its holdings in Flowserve by 2.1% during the first quarter. Beutel Goodman & Co Ltd. now owns 1,788,512 shares of the industrial products company’s stock valued at $60,413,000 after purchasing an additional 37,593 shares in the last quarter. 98.53% of the stock is currently owned by institutional investors and hedge funds.

About Flowserve

Flowserve Corporation designs, develops, 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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Analyst Recommendations for Flowserve (NYSE:FLS)

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