Flowserve Corporation (FLS) Stock Rating Lowered by Zacks Investment Research
Flowserve Corporation (NYSE:FLS) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Flowserve’s second quarter 2017 adjusted earnings missed the Zacks Consensus Estimates dismally. Also, its earnings plunged 31.3% year over year. Precipitous, broad-based top-line decline, owing to macroeconomic volatility as well as foreign currency headwinds, proved to be the primary drag for the bottom line. In addition, cautious spending by clients, loss of sales leverage and related under-absorption has been hurting the company’s profitability. Capital spending deferrals and reduced activity in its key markets are proving to be major concerns. Also, escalating realignment costs are likely to pressurize short-term margin performance. Its shares have underperformed the industry over the past six months. However, Flowserve’s leading position in the flow control industry, strong aftermarket business and geographical diversity are expected to offset some of these challenges. “
Other research analysts have also issued research reports about the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Flowserve Corporation in a research note on Friday, July 14th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $55.00 target price (up previously from $53.00) on shares of Flowserve Corporation in a research note on Wednesday, May 3rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $56.00 target price on shares of Flowserve Corporation in a research note on Tuesday, June 27th. Cowen and Company reaffirmed a “buy” rating and issued a $55.00 target price on shares of Flowserve Corporation in a research note on Friday, July 28th. Finally, BidaskClub raised shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $48.36.
Shares of Flowserve Corporation (NYSE FLS) traded up 0.0256% during mid-day trading on Wednesday, hitting $39.4501. 861,081 shares of the stock were exchanged. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 43.8334 and a beta of 1.46. Flowserve Corporation has a 1-year low of $38.27 and a 1-year high of $52.10. The company’s 50-day moving average is $44.05 and its 200-day moving average is $47.13.
Flowserve Corporation (NYSE:FLS) last issued its earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.21. The business had revenue of $877 million during the quarter, compared to the consensus estimate of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.20%. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period last year, the business posted $0.57 EPS. Equities research analysts anticipate that Flowserve Corporation will post $1.49 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its position in Flowserve Corporation by 28.0% in the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock valued at $101,000 after buying an additional 480 shares during the last quarter. Creative Planning raised its position in Flowserve Corporation by 6.2% in the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock valued at $112,000 after buying an additional 141 shares during the last quarter. Harbour Capital Advisors LLC purchased a new position in Flowserve Corporation during the first quarter valued at $116,000. Federated Investors Inc. PA raised its position in Flowserve Corporation by 1.8% in the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock valued at $118,000 after buying an additional 46 shares during the last quarter. Finally, Evercore Wealth Management LLC raised its position in Flowserve Corporation by 41.2% in the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock valued at $120,000 after buying an additional 756 shares during the last quarter.
About Flowserve Corporation
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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