Flowserve (NYSE:FLS) PT Raised to $37.00

Posted by Defense World Staff on Feb 27th, 2023

Flowserve (NYSE:FLS – Get Rating) had its price target raised by Morgan Stanley from $31.00 to $37.00 in a research report released on Thursday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Other analysts have also issued research reports about the company. Royal Bank of Canada upped their target price on Flowserve from $26.00 to $30.00 and gave the stock a sector perform rating in a research note on Tuesday, February 14th. Stifel Nicolaus increased their price objective on Flowserve from $37.00 to $38.00 and gave the company a buy rating in a research note on Friday, January 20th. Robert W. Baird increased their price objective on Flowserve from $32.00 to $42.00 and gave the company a neutral rating in a research note on Monday, February 13th. TheStreet upgraded Flowserve from a c rating to a b rating in a report on Tuesday, February 21st. Finally, Bank of America upgraded Flowserve from a neutral rating to a buy rating and increased their price objective for the stock from $33.00 to $40.00 in a report on Monday, January 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $35.00.

Flowserve Stock Down 1.1 %

Shares of NYSE FLS opened at $34.93 on Thursday. Flowserve has a 12 month low of $23.89 and a 12 month high of $37.59. The company has a current ratio of 1.97, a quick ratio of 1.32 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 0.98 and a beta of 1.62. The business has a 50-day moving average of $33.13 and a 200-day moving average of $30.74.

Flowserve (NYSE:FLS – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The industrial products company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.43 by $0.20. Flowserve had a return on equity of 8.14% and a net margin of 5.22%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Flowserve’s revenue was up 13.0% on a year-over-year basis. Sell-side analysts expect that Flowserve will post 1.66 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, December 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.29%. Flowserve’s payout ratio is presently 55.94%.

Institutional Investors Weigh In On Flowserve

Several institutional investors have recently modified their holdings of the business. Macquarie Group Ltd. boosted its position in shares of Flowserve by 22.3% during the fourth quarter. Macquarie Group Ltd. now owns 2,290 shares of the industrial products company’s stock valued at $70,000 after buying an additional 417 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Flowserve by 0.4% during the fourth quarter. Alliancebernstein L.P. now owns 200,501 shares of the industrial products company’s stock valued at $6,151,000 after buying an additional 781 shares during the last quarter. Point72 Middle East FZE purchased a new stake in shares of Flowserve during the fourth quarter valued at $425,000. Harbour Investments Inc. boosted its position in shares of Flowserve by 79.5% during the fourth quarter. Harbour Investments Inc. now owns 1,581 shares of the industrial products company’s stock valued at $49,000 after buying an additional 700 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Flowserve by 2.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 66,744 shares of the industrial products company’s stock valued at $2,048,000 after buying an additional 1,400 shares during the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.

Flowserve Company Profile

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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Flowserve Pumps Division and Flow Control Division. The Flowserve Pumps Division segment provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services.