Flowserve (NYSE:FLS) Price Target Cut to

Flowserve (NYSE:FLS) had its price objective dropped by investment analysts at Cowen from to in a research report issued on Thursday, The Fly reports.

A number of other equities analysts have also recently issued reports on the company. Vertical Research cut Flowserve from a “buy” rating to a “hold” rating in a report on Wednesday. Bank of America cut Flowserve from a “neutral” rating to an “underperform” rating and set a $50.00 price objective for the company. in a report on Tuesday, December 17th. TheStreet cut Flowserve from a “b-” rating to a “c” rating in a report on Tuesday, March 10th. Royal Bank of Canada restated a “hold” rating and set a $50.00 price objective on shares of Flowserve in a report on Wednesday, February 19th. Finally, Morgan Stanley dropped their price objective on Flowserve from $39.00 to $25.00 and set an “underweight” rating for the company in a report on Tuesday, March 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $46.63.

Shares of Flowserve stock traded up $0.94 on Thursday, reaching $23.94. The company had a trading volume of 1,918,618 shares, compared to its average volume of 1,263,888. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 0.95 and a beta of 1.66. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.25 and a quick ratio of 1.66. The firm’s 50-day moving average price is $37.07 and its two-hundred day moving average price is $45.33. Flowserve has a 1 year low of $18.98 and a 1 year high of $54.16.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, February 17th. The industrial products company reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01. Flowserve had a return on equity of 16.44% and a net margin of 6.43%. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the previous year, the business earned $0.58 EPS. As a group, analysts anticipate that Flowserve will post 2.25 EPS for the current year.

In other news, Director Sujeet Chand bought 1,000 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was acquired at an average cost of $43.57 per share, with a total value of $43,570.00. Insiders own 0.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of FLS. Amundi Pioneer Asset Management Inc. raised its position in Flowserve by 3.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 129,752 shares of the industrial products company’s stock valued at $5,858,000 after purchasing an additional 4,849 shares in the last quarter. Voya Investment Management LLC raised its position in shares of Flowserve by 0.6% in the 3rd quarter. Voya Investment Management LLC now owns 63,618 shares of the industrial products company’s stock worth $2,972,000 after acquiring an additional 379 shares in the last quarter. Stifel Financial Corp raised its position in shares of Flowserve by 438.6% in the 3rd quarter. Stifel Financial Corp now owns 20,575 shares of the industrial products company’s stock worth $958,000 after acquiring an additional 16,755 shares in the last quarter. Pictet Asset Management Ltd. raised its position in shares of Flowserve by 13.0% in the 3rd quarter. Pictet Asset Management Ltd. now owns 98,092 shares of the industrial products company’s stock worth $4,582,000 after acquiring an additional 11,300 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Flowserve by 0.4% in the 3rd quarter. California State Teachers Retirement System now owns 223,258 shares of the industrial products company’s stock worth $10,428,000 after acquiring an additional 964 shares in the last quarter. 96.32% of the stock is owned by institutional investors and hedge funds.

About Flowserve

Flowserve Corporation designs, develops, 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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