Flowserve Corp. (NYSE:FLS) – Equities researchers at KeyCorp reduced their FY2017 earnings estimates for shares of Flowserve Corp. in a research report issued on Tuesday. KeyCorp analyst J. Hammond now forecasts that the firm will earn $2.40 per share for the year, down from their prior estimate of $2.60.
Several other brokerages have also recently issued reports on FLS. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Northcoast Research restated a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Oppenheimer Holdings Inc. restated a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. BMO Capital Markets dropped their target price on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 1st. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $54.00 price target on shares of Flowserve Corp. in a report on Tuesday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of €61.97 ($68.85).
Flowserve Corp. (NYSE:FLS) traded down 2.21% during trading on Friday, reaching $46.82. The company’s stock had a trading volume of 373,636 shares. Flowserve Corp. has a 1-year low of $33.86 and a 1-year high of $52.50. The stock has a market capitalization of $6.10 billion, a PE ratio of 23.20 and a beta of 1.65. The stock has a 50 day moving average price of $47.74 and a 200 day moving average price of $47.03.
Flowserve Corp. (NYSE:FLS) last posted its earnings results on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The company earned $1.03 billion during the quarter, compared to analysts’ expectations of $1,000 million. During the same quarter last year, the firm earned $0.80 EPS. Flowserve Corp.’s revenue for the quarter was down 11.7% on a year-over-year basis.
Large investors have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Flowserve Corp. by 52.1% in the second quarter. FMR LLC now owns 3,100,745 shares of the company’s stock valued at $140,061,000 after buying an additional 1,061,907 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in shares of Flowserve Corp. by 202.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,296,604 shares of the company’s stock valued at $58,568,000 after buying an additional 868,008 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Flowserve Corp. by 62.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,094,727 shares of the company’s stock valued at $94,620,000 after buying an additional 804,960 shares during the period. I.G. Investment Management LTD. raised its stake in shares of Flowserve Corp. by 209.7% in the second quarter. I.G. Investment Management LTD. now owns 976,880 shares of the company’s stock valued at $44,126,000 after buying an additional 661,500 shares during the period. Finally, Societe Generale acquired a new stake in shares of Flowserve Corp. during the second quarter valued at $25,357,000. 98.49% of the stock is currently owned by institutional investors.
In other Flowserve Corp. news, Director William C. Rusnack sold 2,169 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the sale, the director now owns 2,783 shares of the company’s stock, valued at approximately €130,021.76 ($144,468.62). The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas L. Pajonas sold 35,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the completion of the sale, the chief operating officer now directly owns 99,487 shares in the company, valued at approximately €4,525,663.63 ($5,028,515.14). The disclosure for this sale can be found here. 0.95% of the stock is owned by company insiders.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
Flowserve Corp. Company Profile