Flowserve Corporation (NYSE:FLS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday, July 17th.
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 witnessed a negative return, comparing unfavorably to the Zacks categorized Machinery-General industry's average gain over the past six months.”
Several other equities analysts have also weighed in on FLS. BMO Capital Markets raised shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $46.00 to $53.00 in a report on Monday, March 27th. Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Flowserve Corporation in a report on Tuesday, March 28th. Royal Bank Of Canada reaffirmed a “sell” rating and set a $42.00 target price on shares of Flowserve Corporation in a report on Tuesday, April 11th. Cowen and Company raised shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $41.00 to $55.00 in a report on Wednesday, April 19th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 target price (up from $53.00) on shares of Flowserve Corporation in a report on Wednesday, May 3rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $49.10.
Flowserve Corporation (FLS) opened at 41.19 on Monday. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 45.77 and a beta of 1.46. Flowserve Corporation has a 52-week low of $39.13 and a 52-week high of $52.10. The firm has a 50 day moving average of $45.84 and a 200-day moving average of $47.88.
Flowserve Corporation (NYSE:FLS) last posted 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. The firm had revenue of $877 million for the quarter, compared to analysts’ expectations of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.20%. Flowserve Corporation’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Equities analysts expect that Flowserve Corporation will post $1.52 EPS for the current year.
COPYRIGHT VIOLATION WARNING: This story was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this story on another site, it was stolen and reposted in violation of US & international copyright legislation. The original version of this story can be read at https://stocknewstimes.com/2017/08/06/zacks-investment-research-upgrades-flowserve-corporation-nysefls-to-hold-updated-updated.html.
Large investors have recently made changes to their positions in the company. Huntington National Bank boosted its stake in shares of Flowserve Corporation by 28.0% in the second 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 period. Harbour Capital Advisors LLC acquired a new stake in shares of Flowserve Corporation during the first quarter valued at about $116,000. Creative Planning boosted its stake in shares of Flowserve Corporation by 6.2% in the second 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 period. Federated Investors Inc. PA boosted its stake in shares of Flowserve Corporation by 1.8% in the second 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 period. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of Flowserve Corporation during the first quarter valued at about $151,000.
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.
Get a free copy of the Zacks research report on Flowserve Corporation (FLS)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.
