Zacks Investment Research upgraded shares of Flowserve Corporation (NYSE:FLS) from a strong sell rating to a hold rating in a research report released on Wednesday, October 18th.
According to Zacks, “Flowserve’s key strengths include leading position in the flow control industry, strong aftermarket business comprehensive product portfolio and wide global footprint. Also, the company’s strong aftermarket business is expected to act as a major growth catalyst. Moreover, the diligent restructuring plans are resulting in substantial cost savings, thus adding to Flowserve’s strength. In addition, increased project bidding activities in the energy markets signal brighter days, going forward. However, on the flip side, pricing pressure has proved to be a major drag on the company’s top-line performance over the past few quarters. Also, loss of sales leverage and related under-absorption are pressurizing the financials. The company’s shares have underperformed the industry over the past six months. Also, higher realignment costs and currency fluctuations are likely to hurt margins.”
FLS has been the topic of several other research reports. Cowen and Company reissued a buy rating and issued a $55.00 target price on shares of Flowserve Corporation in a research note on Friday, July 28th. Robert W. Baird reissued a hold rating and issued a $43.00 target price on shares of Flowserve Corporation in a research note on Wednesday, October 4th. BidaskClub lowered Flowserve Corporation from a hold rating to a sell rating in a research note on Wednesday, June 21st. Wolfe Research raised Flowserve Corporation from an underperform rating to a market perform rating and set a $38.00 target price on the stock in a research note on Monday, July 31st. Finally, Stifel Nicolaus reissued a buy rating and issued a $45.00 target price on shares of Flowserve Corporation in a research note on Sunday, September 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $47.55.
Flowserve Corporation (FLS
) traded down 0.6956% during mid-day trading on Wednesday, reaching $44.4288. The company’s stock had a trading volume of 384,855 shares. Flowserve Corporation has a 12 month low of $37.51 and a 12 month high of $52.10. The stock’s 50 day moving average is $42.78 and its 200 day moving average is $44.87. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 55.5360 and a beta of 1.47.
Flowserve Corporation (NYSE:FLS) last released its earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.21). Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The company had revenue of $877.00 million during the quarter, compared to analyst estimates of $933.91 million. During the same period in the previous year, the company posted $0.57 EPS. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. Equities research analysts predict that Flowserve Corporation will post $1.39 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Thursday, September 21st. Flowserve Corporation’s dividend payout ratio is presently 98.70%.
A number of institutional investors have recently made changes to their positions in FLS. Huntington National Bank raised its position in Flowserve Corporation by 28.0% in the 2nd quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock valued at $101,000 after buying an additional 480 shares during the last quarter. Creative Planning raised its position in Flowserve Corporation by 6.2% in the 2nd quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock valued at $112,000 after buying an additional 141 shares during the last quarter. Harbour Capital Advisors LLC acquired a new stake in Flowserve Corporation in the 1st quarter valued at approximately $116,000. Federated Investors Inc. PA raised its position in Flowserve Corporation by 1.8% in the 2nd quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock valued at $118,000 after buying an additional 46 shares during the last quarter. Finally, Evercore Wealth Management LLC raised its position in Flowserve Corporation by 41.2% in the 2nd quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock valued at $120,000 after buying an additional 756 shares during the last quarter.
Flowserve Corporation Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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