FY2017 EPS Estimates for Flowserve Corp. (FLS) Reduced by Analyst
Flowserve Corp. (NYSE:FLS) – Equities researchers at KeyCorp reduced their FY2017 earnings estimates for shares of Flowserve Corp. in a research report issued on Tuesday. KeyCorp analyst J. Hammond now forecasts that the firm will earn $2.40 per share for the year, down from their prior estimate of $2.60.
Several other brokerages have also recently issued reports on FLS. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Northcoast Research restated a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Oppenheimer Holdings Inc. restated a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. BMO Capital Markets dropped their target price on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 1st. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $54.00 price target on shares of Flowserve Corp. in a report on Tuesday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of €61.97 ($68.85).
Flowserve Corp. (NYSE:FLS) traded down 2.21% during trading on Friday, reaching $46.82. The company’s stock had a trading volume of 373,636 shares. Flowserve Corp. has a 1-year low of $33.86 and a 1-year high of $52.50. The stock has a market capitalization of $6.10 billion, a PE ratio of 23.20 and a beta of 1.65. The stock has a 50 day moving average price of $47.74 and a 200 day moving average price of $47.03.
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Flowserve Corp. (NYSE:FLS) last posted its earnings results on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The company earned $1.03 billion during the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter last year, the firm earned $0.80 EPS. Flowserve Corp.’s revenue for the quarter was down 11.7% on a year-over-year basis.
Large investors have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Flowserve Corp. by 52.1% in the second quarter. FMR LLC now owns 3,100,745 shares of the company’s stock valued at $140,061,000 after buying an additional 1,061,907 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in shares of Flowserve Corp. by 202.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,296,604 shares of the company’s stock valued at $58,568,000 after buying an additional 868,008 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Flowserve Corp. by 62.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,094,727 shares of the company’s stock valued at $94,620,000 after buying an additional 804,960 shares during the period. I.G. Investment Management LTD. raised its stake in shares of Flowserve Corp. by 209.7% in the second quarter. I.G. Investment Management LTD. now owns 976,880 shares of the company’s stock valued at $44,126,000 after buying an additional 661,500 shares during the period. Finally, Societe Generale acquired a new stake in shares of Flowserve Corp. during the second quarter valued at $25,357,000. 98.49% of the stock is currently owned by institutional investors.
In other Flowserve Corp. news, Director William C. Rusnack sold 2,169 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the sale, the director now owns 2,783 shares of the company’s stock, valued at approximately €130,021.76 ($144,468.62). The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas L. Pajonas sold 35,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the completion of the sale, the chief operating officer now directly owns 99,487 shares in the company, valued at approximately €4,525,663.63 ($5,028,515.14). The disclosure for this sale can be found here. 0.95% of the stock is owned by company insiders.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
Flowserve Corp. Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.
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