Flowserve Corp (FLS) Expected to Announce Quarterly Sales of $918.85 Million

Equities research analysts expect Flowserve Corp (NYSE:FLS) to report sales of $918.85 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Flowserve’s earnings, with the highest sales estimate coming in at $942.80 million and the lowest estimate coming in at $893.20 million. Flowserve reported sales of $883.38 million during the same quarter last year, which would suggest a positive year over year growth rate of 4%. The business is expected to issue its next quarterly earnings results on Wednesday, November 7th.

On average, analysts expect that Flowserve will report full-year sales of $3.89 billion for the current fiscal year, with estimates ranging from $3.83 billion to $3.94 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $4.06 billion per share, with estimates ranging from $3.95 billion to $4.19 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Flowserve.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.08. Flowserve had a negative net margin of 0.79% and a positive return on equity of 10.52%. The business had revenue of $973.13 million for the quarter, compared to the consensus estimate of $923.89 million. During the same period last year, the firm earned $0.22 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis.

A number of analysts have recently issued reports on FLS shares. Northcoast Research raised shares of Flowserve from a “neutral” rating to a “buy” rating in a research note on Thursday. ValuEngine raised shares of Flowserve from a “hold” rating to a “buy” rating in a research note on Wednesday, August 8th. Royal Bank of Canada increased their price objective on shares of Flowserve from $40.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Friday, August 10th. Morgan Stanley started coverage on shares of Flowserve in a research note on Monday, August 20th. They issued an “equal weight” rating and a $50.00 price objective for the company. Finally, Cowen increased their price objective on shares of Flowserve from $50.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $48.33.

FLS traded down $0.41 during trading on Monday, hitting $55.16. The company’s stock had a trading volume of 816,700 shares, compared to its average volume of 1,324,796. The company has a current ratio of 2.25, a quick ratio of 1.61 and a debt-to-equity ratio of 0.89. Flowserve has a one year low of $37.71 and a one year high of $55.75. The company has a market capitalization of $6.97 billion, a PE ratio of 40.56, a PEG ratio of 1.83 and a beta of 1.57.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 21st will be paid a $0.19 dividend. The ex-dividend date is Thursday, September 20th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.38%. Flowserve’s dividend payout ratio (DPR) is presently 55.88%.

A number of institutional investors and hedge funds have recently bought and sold shares of FLS. Zurich Insurance Group Ltd FI purchased a new position in Flowserve during the second quarter valued at $131,000. Point72 Hong Kong Ltd purchased a new position in Flowserve during the second quarter valued at $163,000. Tower Research Capital LLC TRC purchased a new position in Flowserve during the second quarter valued at $174,000. Cigna Investments Inc. New purchased a new position in Flowserve during the first quarter valued at $205,000. Finally, D.A. Davidson & CO. purchased a new position in Flowserve during the second quarter valued at $216,000.

About Flowserve

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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