Flowserve (NYSE:FLS) Downgraded to “Hold” Rating by StockNews.com

Flowserve (NYSE:FLS) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

A number of other research analysts also recently issued reports on FLS. Mizuho increased their price objective on Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday. Robert W. Baird raised their price target on shares of Flowserve from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday. TD Cowen boosted their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Bank of America raised their target price on shares of Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada cut their price target on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.60.

Flowserve Trading Down 2.6 %

NYSE:FLS traded down $1.53 on Thursday, reaching $57.47. The company’s stock had a trading volume of 1,822,796 shares, compared to its average volume of 1,332,612. The firm has a market cap of $7.55 billion, a PE ratio of 26.86, a PEG ratio of 1.28 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. The business’s 50-day moving average price is $60.68 and its two-hundred day moving average price is $55.70. Flowserve has a 1-year low of $41.60 and a 1-year high of $65.08.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.07). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Flowserve had a return on equity of 17.11% and a net margin of 6.20%. Equities research analysts anticipate that Flowserve will post 3.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flowserve

Hedge funds and other institutional investors have recently bought and sold shares of the business. FIL Ltd lifted its position in shares of Flowserve by 71.7% in the fourth quarter. FIL Ltd now owns 5,255,059 shares of the industrial products company’s stock valued at $302,271,000 after buying an additional 2,193,904 shares during the last quarter. Norges Bank acquired a new stake in Flowserve during the 4th quarter valued at $94,629,000. Driehaus Capital Management LLC boosted its position in Flowserve by 307.1% during the fourth quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company’s stock worth $108,651,000 after purchasing an additional 1,424,948 shares during the period. Invesco Ltd. increased its holdings in shares of Flowserve by 52.7% in the fourth quarter. Invesco Ltd. now owns 2,068,025 shares of the industrial products company’s stock valued at $118,953,000 after purchasing an additional 714,063 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Flowserve by 197.6% in the third quarter. Point72 Asset Management L.P. now owns 913,268 shares of the industrial products company’s stock valued at $47,207,000 after purchasing an additional 606,416 shares during the period. Institutional investors 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.