Brokerages expect Flowserve Corp (NYSE:FLS) to post sales of $922.36 million for the current quarter, according to Zacks. Eight analysts have issued estimates for Flowserve’s earnings, with the highest sales estimate coming in at $944.20 million and the lowest estimate coming in at $895.40 million. Flowserve reported sales of $883.38 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.4%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, November 7th.
On average, analysts expect that Flowserve will report full-year sales of $3.84 billion for the current year, with estimates ranging from $3.76 billion to $3.89 billion. For the next year, analysts expect that the firm will report sales of $4.01 billion per share, with estimates ranging from $3.89 billion to $4.09 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Flowserve.
Flowserve (NYSE:FLS) last released its earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.08. The company had revenue of $973.13 million during the quarter, compared to analyst estimates of $923.89 million. Flowserve had a positive return on equity of 10.52% and a negative net margin of 0.79%. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 earnings per share.
A number of research firms have recently issued reports on FLS. Zacks Investment Research lowered Flowserve from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 18th. ValuEngine upgraded Flowserve from a “hold” rating to a “buy” rating in a report on Wednesday. Royal Bank of Canada increased their price objective on Flowserve from $40.00 to $44.00 and gave the stock a “sector perform” rating in a report on Friday. Stifel Nicolaus cut their price objective on Flowserve from $44.00 to $43.00 and set a “hold” rating for the company in a report on Monday, May 14th. Finally, Robert W. Baird reiterated a “hold” rating and set a $47.00 price objective on shares of Flowserve in a report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $44.70.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN grew its position in Flowserve by 29.2% during the first quarter. Wells Fargo & Company MN now owns 145,130 shares of the industrial products company’s stock worth $6,288,000 after buying an additional 32,763 shares in the last quarter. Rhumbline Advisers grew its position in Flowserve by 0.6% during the first quarter. Rhumbline Advisers now owns 245,212 shares of the industrial products company’s stock worth $10,625,000 after buying an additional 1,417 shares in the last quarter. Intrinsic Edge Capital Management LLC acquired a new stake in Flowserve during the first quarter worth about $13,111,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in Flowserve by 1.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 395,556 shares of the industrial products company’s stock worth $17,139,000 after buying an additional 6,835 shares in the last quarter. Finally, Mackay Shields LLC acquired a new stake in Flowserve during the first quarter worth about $953,000.
Shares of FLS traded up $1.23 during mid-day trading on Tuesday, reaching $50.10. The company’s stock had a trading volume of 2,294,802 shares, compared to its average volume of 1,118,377. The firm has a market capitalization of $6.39 billion, a P/E ratio of 36.84, a PEG ratio of 1.81 and a beta of 1.47. Flowserve has a 1 year low of $37.51 and a 1 year high of $51.55. The company has a quick ratio of 1.62, a current ratio of 2.25 and a debt-to-equity ratio of 0.89.
Flowserve Company Profile
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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