Royal Bank of Canada Lowers Flowserve (NYSE:FLS) Price Target to $68.00

Flowserve (NYSE:FLS - Get Free Report) had its price target lowered by equities research analysts at Royal Bank of Canada from $69.00 to $68.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the industrial products company's stock. Royal Bank of Canada's target price indicates a potential upside of 22.79% from the stock's current price.

A number of other equities analysts have also recently issued reports on the company. Stifel Nicolaus increased their price target on Flowserve from $72.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, January 24th. Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. TD Cowen increased their price target on Flowserve from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Robert W. Baird increased their price target on Flowserve from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, The Goldman Sachs Group upgraded Flowserve from a "sell" rating to a "neutral" rating and increased their price target for the stock from $55.00 to $69.00 in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Flowserve has a consensus rating of "Moderate Buy" and a consensus price target of $68.60.

Flowserve Trading Down 3.6 %

NYSE:FLS traded down $2.08 on Thursday, reaching $55.38. 2,004,391 shares of the stock traded hands, compared to its average volume of 1,352,376. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.42. The company's 50 day moving average is $60.57 and its 200-day moving average is $55.78. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71. Flowserve has a 1-year low of $41.60 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last released its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.07). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. Equities research analysts anticipate that Flowserve will post 3.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Flowserve

A number of hedge funds have recently bought and sold shares of FLS. Creative Planning boosted its holdings in Flowserve by 6.9% during the 3rd quarter. Creative Planning now owns 6,879 shares of the industrial products company's stock worth $356,000 after acquiring an additional 444 shares during the last quarter. Raymond James & Associates raised its stake in shares of Flowserve by 4.3% during the 3rd quarter. Raymond James & Associates now owns 321,277 shares of the industrial products company's stock worth $16,607,000 after purchasing an additional 13,258 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Flowserve by 51.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,816 shares of the industrial products company's stock worth $559,000 after purchasing an additional 3,675 shares during the period. Lecap Asset Management Ltd. raised its stake in shares of Flowserve by 14.9% during the 3rd quarter. Lecap Asset Management Ltd. now owns 19,382 shares of the industrial products company's stock worth $1,002,000 after purchasing an additional 2,520 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock worth $34,000 after purchasing an additional 403 shares during the period. 93.93% of the stock is 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.