Flowserve (NYSE:FLS) Sets New 12-Month High at $49.38

Flowserve Co. (NYSE:FLS) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $49.38 and last traded at $49.35, with a volume of 804750 shares changing hands. The stock had previously closed at $48.90.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Bank of America boosted their price target on shares of Flowserve from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Robert W. Baird raised their price target on shares of Flowserve from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. UBS Group boosted their price objective on Flowserve from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. StockNews.com raised Flowserve from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Finally, Royal Bank of Canada boosted their price target on shares of Flowserve from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.55.

Flowserve Stock Up 0.9 %

The firm has a 50-day moving average price of $45.81 and a two-hundred day moving average price of $41.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.28 and a current ratio of 1.88. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 27.88, a price-to-earnings-growth ratio of 1.25 and a beta of 1.42.

Flowserve (NYSE:FLS) last issued its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts forecast that Flowserve Co. will post 2.62 earnings per share for the current year.

Flowserve Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Flowserve’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.70%. Flowserve’s dividend payout ratio is 47.46%.

Hedge Funds Weigh In On Flowserve

Several hedge funds and other institutional investors have recently bought and sold shares of FLS. Contravisory Investment Management Inc. purchased a new position in Flowserve during the 4th quarter valued at about $26,000. YHB Investment Advisors Inc. bought a new position in Flowserve during the first quarter worth $36,000. Raleigh Capital Management Inc. raised its holdings in shares of Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 596 shares during the period. TFO Wealth Partners LLC raised its stake in Flowserve by 14,663.6% during the fourth quarter. TFO Wealth Partners LLC now owns 1,624 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,613 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in Flowserve during the 1st quarter worth $87,000. 93.93% of the stock is owned by institutional investors and hedge funds.

About Flowserve

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.