Flowserve Corporation (NYSE:FLS) Lifted to “Hold” at Zacks Investment Research
Flowserve Corporation (NYSE:FLS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Flowserve’s key strengths include leading position in the flow control industry, strong aftermarket business comprehensive product portfolio and wide global footprint. Also, the company’s strong aftermarket business is expected to act as a major growth catalyst. Moreover, the diligent restructuring plans are resulting in substantial cost savings, thus adding to Flowserve’s strength. In addition, increased project bidding activities in the energy markets signal brighter days, going forward. However, on the flip side, pricing pressure has proved to be a major drag on the company’s top-line performance over the past few quarters. Also, loss of sales leverage and related under-absorption are pressurizing the financials. The company’s shares have witnessed a negative return, comparing unfavorably to the Zacks categorized Machinery-General industry's average gain over the past six months.”
A number of other equities research analysts have also recently issued reports on FLS. BMO Capital Markets raised shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $46.00 to $53.00 in a research note on Monday, March 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, March 28th. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $42.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, April 11th. Cowen and Company upgraded shares of Flowserve Corporation from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $55.00 in a report on Wednesday, April 19th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $55.00 price target (up from $53.00) on shares of Flowserve Corporation in a report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Flowserve Corporation currently has an average rating of “Hold” and a consensus price target of $50.10.
Flowserve Corporation (FLS) traded down 0.50% during trading on Monday, hitting $45.94. 552,608 shares of the stock traded hands. The company has a 50-day moving average price of $47.61 and a 200-day moving average price of $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 cap of $6.00 billion, a PE ratio of 49.40 and a beta of 1.48.
Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings data on Monday, May 1st. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $863.63 million during the quarter, compared to analysts’ expectations of $817.56 million. During the same quarter in the prior year, the company earned $0.39 EPS. The firm’s revenue was down 8.8% on a year-over-year basis. Equities research analysts expect that Flowserve Corporation will post $1.78 EPS for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Flowserve Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 12,570,744 shares of the industrial products company’s stock valued at $608,675,000 after buying an additional 449,389 shares during the period. First Eagle Investment Management LLC raised its position in shares of Flowserve Corporation by 4.5% in the first quarter. First Eagle Investment Management LLC now owns 12,543,436 shares of the industrial products company’s stock valued at $607,353,000 after buying an additional 534,815 shares during the last quarter. BlackRock Inc. raised its position in shares of Flowserve Corporation by 3,165.9% in the first quarter. BlackRock Inc. now owns 7,972,755 shares of the industrial products company’s stock valued at $386,041,000 after buying an additional 7,728,637 shares during the last quarter. State Street Corp raised its position in shares of Flowserve Corporation by 0.8% in the first quarter. State Street Corp now owns 5,428,959 shares of the industrial products company’s stock valued at $262,883,000 after buying an additional 43,543 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Flowserve Corporation by 33.9% in the first quarter. Wells Fargo & Company MN now owns 1,914,308 shares of the industrial products company’s stock valued at $92,691,000 after buying an additional 485,008 shares during the last quarter.
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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