Flowserve (NYSE:FLS) Given New $57.00 Price Target at Royal Bank of Canada

Flowserve (NYSE:FLS - Get Free Report) had its price objective upped by analysts at Royal Bank of Canada from $55.00 to $57.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "sector perform" rating on the industrial products company's stock. Royal Bank of Canada's price target would indicate a potential upside of 6.05% from the stock's previous close.

FLS has been the topic of several other reports. Jefferies Financial Group began coverage on shares of Flowserve in a research report on Friday, October 18th. They set a "buy" rating and a $65.00 target price on the stock. StockNews.com lowered shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th. Bank of America lifted their price target on shares of Flowserve from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday. Mizuho boosted their price target on Flowserve from $58.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Finally, Robert W. Baird raised their price objective on Flowserve from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.10.

Flowserve Stock Performance

NYSE:FLS traded down $0.39 during midday trading on Wednesday, reaching $53.75. The stock had a trading volume of 1,805,926 shares, compared to its average volume of 1,089,616. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock has a market cap of $7.08 billion, a P/E ratio of 30.56, a P/E/G ratio of 1.27 and a beta of 1.39. The firm has a fifty day simple moving average of $50.60 and a two-hundred day simple moving average of $48.94. Flowserve has a 12-month low of $35.80 and a 12-month high of $55.90.

Flowserve (NYSE:FLS - Get Free Report) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm's revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. On average, equities analysts expect that Flowserve will post 2.76 EPS for the current year.

Institutional Investors Weigh In On Flowserve

Several hedge funds have recently modified their holdings of FLS. State of Michigan Retirement System boosted its position in Flowserve by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,268 shares of the industrial products company's stock worth $1,474,000 after acquiring an additional 800 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Flowserve by 1.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,440 shares of the industrial products company's stock valued at $6,689,000 after purchasing an additional 1,600 shares during the period. Retirement Systems of Alabama grew its position in shares of Flowserve by 0.3% in the first quarter. Retirement Systems of Alabama now owns 164,765 shares of the industrial products company's stock valued at $7,526,000 after purchasing an additional 433 shares during the period. BNP Paribas Financial Markets increased its stake in Flowserve by 20.9% in the first quarter. BNP Paribas Financial Markets now owns 79,494 shares of the industrial products company's stock valued at $3,631,000 after purchasing an additional 13,738 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Flowserve by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 31,471 shares of the industrial products company's stock worth $1,438,000 after buying an additional 2,013 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

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.