Wall Street brokerages expect Flowserve Corp (NYSE:FLS) to post $891.87 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Flowserve’s earnings, with the highest sales estimate coming in at $914.10 million and the lowest estimate coming in at $880.00 million. Flowserve reported sales of $996.54 million in the same quarter last year, which indicates a negative year-over-year growth rate of 10.5%. The business is expected to report its next quarterly earnings report on Wednesday, November 4th.
According to Zacks, analysts expect that Flowserve will report full-year sales of $3.65 billion for the current year, with estimates ranging from $3.62 billion to $3.69 billion. For the next fiscal year, analysts anticipate that the business will report sales of $3.43 billion, with estimates ranging from $3.37 billion to $3.54 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Flowserve.
Flowserve (NYSE:FLS) last issued its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.24. The business had revenue of $924.97 million for the quarter, compared to the consensus estimate of $890.88 million. Flowserve had a net margin of 3.77% and a return on equity of 14.96%.
A number of research firms recently commented on FLS. Cowen downgraded shares of Flowserve from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a report on Monday, July 6th. Morgan Stanley lifted their target price on shares of Flowserve from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. UBS Group cut their target price on shares of Flowserve from $52.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Credit Suisse Group cut their target price on shares of Flowserve from $33.00 to $31.00 and set an “outperform” rating for the company in a research report on Monday, August 3rd. Finally, Oppenheimer reissued a “hold” rating on shares of Flowserve in a research report on Thursday, July 30th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $31.00.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Key Financial Inc acquired a new stake in shares of Flowserve in the first quarter worth $27,000. Glenmede Trust Co. NA grew its stake in shares of Flowserve by 267.4% in the second quarter. Glenmede Trust Co. NA now owns 1,319 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 960 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Flowserve by 2,062.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 1,588 shares during the last quarter. Advisor Group Holdings Inc. acquired a new stake in shares of Flowserve in the first quarter worth $45,000. Finally, Private Advisor Group LLC acquired a new stake in Flowserve during the second quarter worth $53,000. Institutional investors own 94.13% of the company’s stock.
FLS stock traded up $0.50 during trading on Tuesday, reaching $29.42. 1,000,151 shares of the company were exchanged, compared to its average volume of 853,325. The company has a market cap of $3.83 billion, a P/E ratio of 26.27, a PEG ratio of 3.54 and a beta of 1.82. Flowserve has a 52-week low of $18.98 and a 52-week high of $51.25. The stock’s 50 day moving average price is $29.98 and its 200 day moving average price is $29.01. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.60 and a current ratio of 2.23.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 18th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $0.80 annualized dividend and a yield of 2.72%. Flowserve’s dividend payout ratio is currently 36.36%.
Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).
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