Flowserve Corporation (NYSE:FLS) Shares Gap Down After Analyst Downgrade

Flowserve Corporation (NYSE:FLS)’s share price gapped down prior to trading on Monday after Zacks Investment Research 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 trading hands.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus restated a “buy” rating and issued a $55.00 price target (up from $53.00) on shares of Flowserve Corporation in a research report on Wednesday, May 3rd. BMO Capital Markets restated a “buy” rating and issued a $56.00 price target on shares of Flowserve Corporation in a research report on Tuesday, June 27th. Jefferies Group LLC restated a “buy” rating and issued a $50.00 price target on shares of Flowserve Corporation in a research report on Friday, July 14th. Cowen and Company restated a “buy” rating and issued a $55.00 price target on shares of Flowserve Corporation in a research report on Friday, July 28th. Finally, BidaskClub upgraded shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $48.60.

Institutional investors have recently made changes to their positions in the company. UBS Asset Management Americas Inc. increased its position in shares of Flowserve Corporation by 1.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 330,979 shares of the industrial products company’s stock worth $15,906,000 after buying an additional 3,736 shares in the last quarter. Teachers Advisors LLC increased its stake in Flowserve Corporation by 5.4% in the fourth quarter. Teachers Advisors LLC now owns 150,389 shares of the industrial products company’s stock worth $7,226,000 after buying an additional 7,763 shares during the period. Macquarie Group Ltd. increased its stake in Flowserve Corporation by 3.1% in the fourth quarter. Macquarie Group Ltd. now owns 3,300 shares of the industrial products company’s stock worth $158,000 after buying an additional 100 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in Flowserve Corporation by 2.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 116,125 shares of the industrial products company’s stock worth $5,623,000 after buying an additional 3,261 shares during the period. Finally, CENTRAL TRUST Co increased its stake in Flowserve Corporation by 1.9% in the first quarter. CENTRAL TRUST Co now owns 6,546 shares of the industrial products company’s stock worth $317,000 after buying an additional 121 shares during the period.

The firm has a 50 day moving average price of $44.52 and a 200-day moving average price of $47.44. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 42.93 and a beta of 1.46.

Flowserve Corporation (NYSE:FLS) last posted its earnings results on Thursday, July 27th. The industrial products company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.43 by $0.21. Flowserve Corporation had a return on equity of 13.20% and a net margin of 2.68%. The business had revenue of $877 million for the quarter, compared to analyst estimates of $933.91 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. On average, analysts predict that Flowserve Corporation will post $1.49 EPS for the current year.

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.