Zacks Investment Research upgraded shares of Flowserve (NYSE:FLS) from a hold rating to a buy rating in a report issued on Friday, Zacks.com reports. Zacks Investment Research currently has $57.00 price target on the industrial products company’s stock.
According to Zacks, “Over the past three months, Flowserve's shares have outperformed the industry. We believe that the company is poised to benefit from strengthening end markets as well as realignment and transformational initiatives in the long run. Also, the combined businesses of Engineered Product Division and Industrial Product Division will enable it to better control operations and serve customers in the global pumps market. Its policy of rewarding shareholders handsomely through dividend payments raised its appeal. In first-quarter 2019, its earnings surpassed the Zacks Consensus Estimate by 20.6% and recorded year-over-year growth of 51.9%. For 2019, the company anticipates adjusted earnings per share of $1.95-$2.15, higher than $1.75 recorded in 2018. Revenues are predicted to grow 4-6%. In the past 30 days, earnings estimates for the company have increased for 2019 and 2020.”
Several other research analysts have also issued reports on FLS. ValuEngine upgraded shares of Flowserve from a hold rating to a buy rating in a research note on Wednesday, May 1st. TheStreet raised shares of Flowserve from a c rating to a b- rating in a research report on Wednesday, February 27th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Flowserve currently has an average rating of Hold and an average price target of $49.69.
Shares of Flowserve stock traded down $1.67 during trading on Friday, hitting $49.48. The company’s stock had a trading volume of 969,693 shares, compared to its average volume of 1,202,706. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.17 and a quick ratio of 1.57. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 28.27, a PEG ratio of 1.50 and a beta of 1.66. Flowserve has a 52 week low of $35.88 and a 52 week high of $56.86.
Flowserve (NYSE:FLS) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $890.05 million during the quarter, compared to analyst estimates of $943.79 million. Flowserve had a net margin of 4.25% and a return on equity of 13.46%. Flowserve’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. On average, equities analysts anticipate that Flowserve will post 2.19 EPS for the current year.
In related news, insider John Lenander sold 6,818 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $44.75, for a total transaction of $305,105.50. Following the sale, the insider now directly owns 22,130 shares of the company’s stock, valued at approximately $990,317.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.36% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Enlightenment Research LLC purchased a new stake in shares of Flowserve during the 4th quarter valued at about $95,000. Geode Capital Management LLC boosted its holdings in shares of Flowserve by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 1,795,400 shares of the industrial products company’s stock valued at $68,149,000 after acquiring an additional 134,350 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of Flowserve by 0.3% during the 4th quarter. Prudential Financial Inc. now owns 142,014 shares of the industrial products company’s stock valued at $5,399,000 after acquiring an additional 411 shares during the last quarter. First Bank & Trust boosted its holdings in shares of Flowserve by 13.6% during the 4th quarter. First Bank & Trust now owns 6,551 shares of the industrial products company’s stock valued at $249,000 after acquiring an additional 784 shares during the last quarter. Finally, Vanguard Group Inc boosted its holdings in shares of Flowserve by 1.2% during the 3rd quarter. Vanguard Group Inc now owns 13,561,267 shares of the industrial products company’s stock valued at $741,665,000 after acquiring an additional 160,704 shares during the last quarter.
Flowserve Company Profile
Flowserve Corporation designs, develops, 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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