$891.87 Million in Sales Expected for Flowserve Corp (NYSE:FLS) This Quarter

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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%.

About Flowserve

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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