$924.97 Million in Sales Expected for Flowserve Corporation (NYSE:FLS) This Quarter
Equities analysts expect that Flowserve Corporation (NYSE:FLS) will post sales of $924.97 million for the current fiscal quarter, according to Zacks. Nine analysts have made estimates for Flowserve Corporation’s earnings. The lowest sales estimate is $884.70 million and the highest is $952.30 million. Flowserve Corporation reported sales of $1.03 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 10.2%. The business is scheduled to issue its next earnings results on Thursday, July 27th.
According to Zacks, analysts expect that Flowserve Corporation will report full year sales of $924.97 million for the current financial year, with estimates ranging from $3.63 billion to $3.74 billion. For the next financial year, analysts anticipate that the business will post sales of $3.86 billion per share, with estimates ranging from $3.76 billion to $3.95 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Flowserve Corporation.
Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings results on Monday, May 1st. The industrial products company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Flowserve Corporation had a net margin of 3.12% and a return on equity of 15.76%. The business had revenue of $863.63 million for the quarter, compared to analysts’ expectations of $817.56 million. During the same quarter last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year.
FLS has been the topic of a number of recent research reports. BMO Capital Markets upgraded shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $46.00 to $53.00 in a report on Monday, March 27th. Robert W. Baird upgraded shares of Flowserve Corporation from an “underperform” rating to a “neutral” rating and set a $43.00 price objective on the stock in a report on Wednesday, March 15th. Cowen and Company upgraded shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $41.00 to $55.00 in a report on Wednesday, April 19th. BidaskClub cut shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Finally, Stifel Nicolaus restated a “buy” rating and issued a $55.00 price objective (up previously from $53.00) on shares of Flowserve Corporation in a report on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Flowserve Corporation presently has a consensus rating of “Hold” and an average price target of $57.86.
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Shares of Flowserve Corporation (NYSE:FLS) traded up 0.13% during trading on Friday, reaching $46.38. 549,659 shares of the company traded hands. The firm’s 50 day moving average is $47.61 and its 200-day moving average is $48.43. Flowserve Corporation has a 12-month low of $39.13 and a 12-month high of $52.10. The stock has a market capitalization of $6.06 billion, a P/E ratio of 49.87 and a beta of 1.48.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 23rd will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, June 21st. This represents a $0.76 annualized dividend and a dividend yield of 1.64%. Flowserve Corporation’s dividend payout ratio is presently 81.72%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Harbour Capital Advisors LLC purchased a new position in shares of Flowserve Corporation during the first quarter valued at about $116,000. Ameritas Investment Partners Inc. purchased a new position in shares of Flowserve Corporation during the first quarter valued at about $151,000. Macquarie Group Ltd. increased its position in shares of Flowserve Corporation by 3.1% in the fourth quarter. Macquarie Group Ltd. now owns 3,300 shares of the industrial products company’s stock valued at $158,000 after buying an additional 100 shares in the last quarter. Federated Investors Inc. PA increased its position in shares of Flowserve Corporation by 12.8% in the fourth quarter. Federated Investors Inc. PA now owns 3,398 shares of the industrial products company’s stock valued at $163,000 after buying an additional 386 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of Flowserve Corporation by 5.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,479 shares of the industrial products company’s stock valued at $157,000 after buying an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 98.67% of the company’s stock.
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.
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