Flowserve Corp (NYSE:FLS) shot up 2% during trading on Friday after Royal Bank of Canada raised their price target on the stock from $40.00 to $44.00. Royal Bank of Canada currently has a sector perform rating on the stock. Flowserve traded as high as $51.55 and last traded at $49.94. 95,447 shares traded hands during trading, a decline of 89% from the average session volume of 883,750 shares. The stock had previously closed at $48.97.
Other research analysts have also recently issued research reports about the company. Citigroup increased their price objective on Flowserve from $47.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday. SunTrust Banks increased their price objective on Flowserve to $46.00 and gave the stock a “hold” rating in a research report on Friday. Northcoast Research reiterated a “neutral” rating on shares of Flowserve in a research report on Thursday. BMO Capital Markets increased their price objective on Flowserve from $42.00 to $50.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, Oppenheimer reiterated a “hold” rating on shares of Flowserve in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. Flowserve currently has an average rating of “Hold” and a consensus price target of $45.18.
A number of large investors have recently added to or reduced their stakes in the business. Cigna Investments Inc. New purchased a new position in shares of Flowserve in the first quarter valued at $205,000. D.A. Davidson & CO. purchased a new position in shares of Flowserve in the second quarter valued at $216,000. Bbva Compass Bancshares Inc. purchased a new position in shares of Flowserve in the second quarter valued at $220,000. 180 Wealth Advisors LLC purchased a new position in shares of Flowserve in the first quarter valued at $290,000. Finally, Contravisory Investment Management Inc. purchased a new position in shares of Flowserve in the second quarter valued at $323,000.
Flowserve (NYSE:FLS) last announced its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Flowserve had a positive return on equity of 10.41% and a negative net margin of 0.03%. The business had revenue of $973.13 million during the quarter, compared to analysts’ expectations of $923.89 million. During the same quarter last year, the business posted $0.22 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. analysts forecast that Flowserve Corp will post 1.62 earnings per share for the current fiscal year.
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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