FY2024 EPS Estimates for Flowserve Cut by Zacks Research

Flowserve Co. (NYSE:FLS) – Zacks Research lowered their FY2024 earnings estimates for Flowserve in a note issued to investors on Monday, November 18th. Zacks Research analyst R. Department now forecasts that the industrial products company will post earnings per share of $2.66 for the year, down from their prior estimate of $2.71. The consensus estimate for Flowserve’s current full-year earnings is $2.72 per share.

Several other analysts also recently commented on the company. Robert W. Baird upped their price objective on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. Stifel Nicolaus boosted their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their target price on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Thursday, October 10th. Finally, Mizuho boosted their price target on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Flowserve presently has an average rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Price Performance

Shares of FLS opened at $59.89 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 1.99. Flowserve has a fifty-two week low of $37.24 and a fifty-two week high of $61.60. The firm has a 50-day simple moving average of $53.83 and a 200-day simple moving average of $50.19. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 29.65, a price-to-earnings-growth ratio of 1.42 and a beta of 1.38.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS.

Institutional Trading of Flowserve

A number of institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in shares of Flowserve during the 3rd quarter worth $227,000. Toronto Dominion Bank lifted its position in shares of Flowserve by 4.4% in the third quarter. Toronto Dominion Bank now owns 27,900 shares of the industrial products company’s stock valued at $1,442,000 after acquiring an additional 1,175 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Flowserve by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,201,993 shares of the industrial products company’s stock valued at $113,851,000 after acquiring an additional 23,529 shares during the last quarter. Vestcor Inc acquired a new position in Flowserve in the 3rd quarter valued at about $714,000. Finally, Barclays PLC lifted its holdings in Flowserve by 17.8% in the 3rd quarter. Barclays PLC now owns 229,379 shares of the industrial products company’s stock valued at $11,857,000 after purchasing an additional 34,645 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Company Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.