Flowserve Corp Receives “Neutral” Rating from Zacks (FLS)
Flowserve Corp (NYSE:FLS)‘s stock had its “neutral” rating reissued by Zacks in a report released on Wednesday. They currently have a $79.00 price target on the stock. Zacks‘s target price points to a potential upside of 4.73% from the stock’s previous close.
Zacks’ analyst wrote, “Flowserve develops and manufactures precision-engineered flow control equipment. We are reaffirming our Neutral recommendation on the company with a target price of $79.00. The company reported soft second-quarter 2014 results with earnings and revenues both lagging the Zacks Consensus Estimate. However, earnings increased 7.1% year over year despite a 1.5% decline in revenues. Flowserve has been benefiting from its endeavors to strengthen the core business by key initiatives such as One Flowserve’. Continued growth in bookings and improvement in margin figures were also positives. However, unfavorable currency translations and short-term realignment expenses are proving to be a drag on company’s financials.”
In other Flowserve Corp news, Director Roger L. Fix unloaded 2,232 shares of Flowserve Corp stock on the open market in a transaction dated Friday, August 8th. The stock was sold at an average price of $72.02, for a total value of $160,748.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Maxim Group upgraded shares of Flowserve Corp from a “hold” rating to a “buy” rating in a research note on Friday, July 25th. They now have a $92.00 price target on the stock. Analysts at Goldman Sachs initiated coverage on shares of Flowserve Corp in a research note on Friday, June 27th. They set a “sell” rating and a $78.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $82.33.
Flowserve Corp (NYSE:FLS) traded up 1.25% during mid-day trading on Wednesday, hitting $76.37. 270,815 shares of the company’s stock traded hands. Flowserve Corp has a 1-year low of $55.64 and a 1-year high of $82.24. The stock has a 50-day moving average of $73.80 and a 200-day moving average of $75.67. The company has a market cap of $10.448 billion and a P/E ratio of 21.09.
Flowserve Corp (NYSE:FLS) last announced its earnings results on Wednesday, July 23rd. The company reported $0.93 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.93. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company posted $0.84 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. Analysts expect that Flowserve Corp will post $3.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 10th. Shareholders of record on Friday, September 26th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 0.85%.
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company develops and manufacture precision-engineered flows control equipment integral to the movement, control and protection of the flow of materials in its customers’ critical processes.
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