Flowserve (NYSE:FLS) Given New $98.00 Price Target at Royal Bank Of Canada

Flowserve (NYSE:FLS) had its price target increased by analysts at Royal Bank Of Canada from $88.00 to $98.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Royal Bank Of Canada‘s price objective suggests a potential upside of 23.05% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Mizuho reduced their target price on shares of Flowserve from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, October 15th. Stifel Nicolaus raised their price objective on Flowserve from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $93.00 target price on shares of Flowserve in a research report on Friday, July 31st. Weiss Ratings upgraded Flowserve from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Finally, The Goldman Sachs Group set a $82.00 price objective on shares of Flowserve in a report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Flowserve has an average rating of “Moderate Buy” and a consensus price target of $86.40.

Flowserve Stock Performance

Shares of NYSE:FLS traded down $0.70 during trading on Friday, hitting $79.64. 816,398 shares of the company traded hands, compared to its average volume of 1,874,992. The business’s fifty day moving average is $74.28 and its 200-day moving average is $76.40. Flowserve has a one year low of $63.27 and a one year high of $92.41. The stock has a market capitalization of $10.12 billion, a price-to-earnings ratio of 39.98, a PEG ratio of 1.60 and a beta of 1.23. The company has a quick ratio of 1.58, a current ratio of 2.15 and a debt-to-equity ratio of 0.91.

Flowserve (NYSE:FLS) last posted its quarterly earnings data on Wednesday, October 28th. The industrial products company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.09. Flowserve had a net margin of 5.42% and a return on equity of 22.37%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities analysts predict that Flowserve will post 4.10 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Flowserve

A number of hedge funds have recently added to or reduced their stakes in FLS. Sumitomo Mitsui Trust Group Inc. increased its holdings in Flowserve by 31.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 60,072 shares of the industrial products company’s stock worth $4,392,000 after acquiring an additional 14,505 shares in the last quarter. Vise Technologies Inc. bought a new position in shares of Flowserve during the 3rd quarter valued at approximately $269,000. MGO One Seven LLC bought a new stake in Flowserve in the third quarter worth $277,000. Partners Wealth Management LLC purchased a new position in Flowserve in the third quarter worth about $229,000. Finally, D.A. Davidson & CO. increased its position in Flowserve by 13.1% during the third quarter. D.A. Davidson & CO. now owns 46,813 shares of the industrial products company’s stock valued at $3,423,000 after acquiring an additional 5,416 shares during the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

About Flowserve

Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.

Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.

Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.