Flowserve Corporation (NYSE:FLS) shares gapped down prior to trading on Monday after BidaskClub downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $41.55, but opened at $41.30. Flowserve Corporation shares last traded at $41.10, with a volume of 1,423,433 shares changing hands.
Several other analysts have also recently commented on FLS. BMO Capital Markets upgraded shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and upped their target price for the company from $46.00 to $53.00 in a research report on Monday, March 27th. Zacks Investment Research raised shares of Flowserve Corporation from a “strong sell” rating to a “hold” rating in a report on Monday, April 24th. Royal Bank Of Canada reissued a “sell” rating and issued a $46.00 price target on shares of Flowserve Corporation in a report on Wednesday, May 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Flowserve Corporation in a research note on Tuesday, March 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 target price (up from $53.00) on shares of Flowserve Corporation in a research note on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $49.10.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Flowserve Corporation by 3,165.9% in the first quarter. BlackRock Inc. now owns 7,972,755 shares of the industrial products company’s stock valued at $386,041,000 after buying an additional 7,728,637 shares during the last quarter. Causeway Capital Management LLC purchased a new position in shares of Flowserve Corporation during the first quarter worth $88,532,000. Pictet Asset Management Ltd. increased its position in shares of Flowserve Corporation by 1,673.3% in the first quarter. Pictet Asset Management Ltd. now owns 1,194,634 shares of the industrial products company’s stock worth $57,845,000 after buying an additional 1,127,266 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Flowserve Corporation by 4.5% in the first quarter. First Eagle Investment Management LLC now owns 12,543,436 shares of the industrial products company’s stock worth $607,353,000 after buying an additional 534,815 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Flowserve Corporation by 33.9% in the first quarter. Wells Fargo & Company MN now owns 1,914,308 shares of the industrial products company’s stock worth $92,691,000 after buying an additional 485,008 shares in the last quarter.
The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 45.70 and a beta of 1.48. The firm has a 50-day moving average price of $46.22 and a 200 day moving average price of $48.02.
Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.21. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.20%. The business had revenue of $877 million during the quarter, compared to analysts’ expectations of $933.91 million. During the same period last year, the company posted $0.57 EPS. Flowserve Corporation’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, analysts expect that Flowserve Corporation will post $1.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 23rd were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, June 21st. This represents a $0.76 annualized dividend and a yield of 1.85%. Flowserve Corporation’s payout ratio is currently 98.70%.
About Flowserve Corporation
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.
Receive News & Ratings for Flowserve Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
