Flowserve (NYSE:FLS) Rating Increased to Outperform at Royal Bank of Canada

Flowserve (NYSE:FLS - Get Free Report) was upgraded by equities research analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $69.00 target price on the industrial products company's stock, up from their previous target price of $57.00. Royal Bank of Canada's price target indicates a potential upside of 12.56% from the stock's previous close.

A number of other research analysts also recently commented on FLS. Jefferies Financial Group initiated coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a "buy" rating and a $65.00 target price on the stock. Mizuho raised their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Robert W. Baird raised their price objective on shares of Flowserve from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on shares of Flowserve from $46.00 to $52.00 and gave the stock a "sell" rating in a research report on Thursday, October 10th. Finally, TD Cowen raised their price objective on shares of Flowserve from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Flowserve currently has an average rating of "Moderate Buy" and an average target price of $61.30.

Flowserve Stock Up 2.1 %

Shares of NYSE:FLS traded up $1.25 during trading hours on Friday, reaching $61.30. The stock had a trading volume of 1,592,871 shares, compared to its average volume of 1,102,742. Flowserve has a 1 year low of $37.34 and a 1 year high of $62.15. The firm's 50 day moving average is $54.10 and its 200-day moving average is $50.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 30.66, a P/E/G ratio of 1.44 and a beta of 1.38.

Flowserve (NYSE:FLS - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts' consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.90% and a return on equity of 17.10%. The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the prior year, the company posted $0.50 earnings per share. The company's revenue for the quarter was up 3.5% on a year-over-year basis. Research analysts predict that Flowserve will post 2.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Flowserve

Institutional investors have recently bought and sold shares of the stock. True Wealth Design LLC bought a new stake in Flowserve during the third quarter valued at $25,000. Signaturefd LLC increased its stake in Flowserve by 185.9% during the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 370 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Flowserve during the third quarter valued at $27,000. Ashton Thomas Securities LLC bought a new position in shares of Flowserve during the third quarter worth about $29,000. Finally, nVerses Capital LLC bought a new position in shares of Flowserve during the second quarter worth about $34,000. 93.93% of the stock is currently 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.