Zacks: Brokerages Anticipate Flowserve Corporation (FLS) Will Announce Quarterly Sales of $878.23 Million
Equities research analysts expect Flowserve Corporation (NYSE:FLS) to report $878.23 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Flowserve Corporation’s earnings. The highest sales estimate is $913.00 million and the lowest is $857.00 million. Flowserve Corporation reported sales of $943.33 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 6.9%. The company is scheduled to announce its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Flowserve Corporation will report full-year sales of $878.23 million for the current year, with estimates ranging from $3.58 billion to $3.69 billion. For the next financial year, analysts forecast that the company will post sales of $3.80 billion per share, with estimates ranging from $3.75 billion to $3.87 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Flowserve Corporation.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.21). Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The business had revenue of $877.00 million during the quarter, compared to the consensus estimate of $933.91 million. During the same period in the prior year, the company posted $0.57 earnings per share. The firm’s revenue was down 14.6% compared to the same quarter last year.
A number of research analysts recently weighed in on FLS shares. Cowen and Company reissued a “buy” rating and set a $55.00 target price on shares of Flowserve Corporation in a report on Friday, July 28th. BidaskClub lowered Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Wolfe Research raised Flowserve Corporation from an “underperform” rating to a “market perform” rating and set a $38.00 target price on the stock in a report on Monday, July 31st. Zacks Investment Research lowered Flowserve Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $45.00 target price on shares of Flowserve Corporation in a report on Sunday, September 3rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $47.45.
A number of hedge funds and other institutional investors have recently modified their holdings of FLS. BlackRock Inc. grew its holdings in Flowserve Corporation by 3,165.9% in the 1st 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 in the last quarter. Causeway Capital Management LLC acquired a new position in Flowserve Corporation in the 1st quarter valued at $88,532,000. EdgePoint Investment Group Inc. grew its holdings in Flowserve Corporation by 22.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,307,455 shares of the industrial products company’s stock valued at $292,855,000 after buying an additional 1,146,084 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Flowserve Corporation by 171.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,478,771 shares of the industrial products company’s stock valued at $68,660,000 after buying an additional 934,354 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Flowserve Corporation by 2,307.4% in the 2nd quarter. Janus Henderson Group PLC now owns 582,937 shares of the industrial products company’s stock valued at $27,066,000 after buying an additional 558,723 shares in the last quarter.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 22nd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, September 21st. Flowserve Corporation’s dividend payout ratio is 98.70%.
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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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