Mizuho Boosts Flowserve (NYSE:FLS) Price Target to $65.00

Flowserve (NYSE:FLS) had its target price boosted by Mizuho from $58.00 to $65.00 in a research note issued to investors on Thursday, Benzinga reports. Mizuho currently has an outperform rating on the industrial products company’s stock.

Several other equities research analysts have also issued reports on the company. Bank of America reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Flowserve in a research note on Tuesday, September 24th. The Goldman Sachs Group raised their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Robert W. Baird raised their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, TD Cowen raised their price target on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

Flowserve Stock Performance

NYSE:FLS opened at $54.79 on Thursday. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. Flowserve has a 12-month low of $35.31 and a 12-month high of $55.90. The stock has a 50-day moving average price of $49.53 and a 200 day moving average price of $48.57. The stock has a market capitalization of $7.21 billion, a P/E ratio of 30.95, a P/E/G ratio of 1.27 and a beta of 1.39.

Flowserve (NYSE:FLS) last released its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Equities research analysts forecast that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.53%. Flowserve’s dividend payout ratio is presently 47.46%.

Institutional Investors Weigh In On Flowserve

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank increased its holdings in shares of Flowserve by 0.7% in the first quarter. Toronto Dominion Bank now owns 46,570 shares of the industrial products company’s stock valued at $2,127,000 after purchasing an additional 305 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Flowserve by 185.9% in 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. O Shaughnessy Asset Management LLC increased its holdings in shares of Flowserve by 7.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,266 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 426 shares during the last quarter. Retirement Systems of Alabama increased its holdings 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 last quarter. Finally, Creative Planning increased its stake in Flowserve by 6.9% during the third 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. Institutional investors and hedge funds own 93.93% of the company’s stock.

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.