Robert W. Baird upgraded shares of Flowserve Corp (NYSE:FLS) from an underperform rating to a neutral rating in a research report released on Wednesday morning. The brokerage currently has $43.00 price objective on the stock.
A number of other research analysts have also issued reports on FLS. Royal Bank of Canada set a $43.00 target price on shares of Flowserve Corp and gave the company a sell rating in a research note on Monday, February 20th. Stifel Nicolaus reiterated a buy rating and issued a $53.00 target price (down from $55.00) on shares of Flowserve Corp in a research note on Tuesday, February 21st. BMO Capital Markets lowered their target price on shares of Flowserve Corp from $47.00 to $46.00 and set a market perform rating on the stock in a research note on Tuesday, February 21st. Zacks Investment Research lowered shares of Flowserve Corp from a hold rating to a strong sell rating in a research note on Thursday, February 23rd. Finally, Bank of America Corp upgraded shares of Flowserve Corp from a neutral rating to a buy rating in a research note on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Flowserve Corp has a consensus rating of Hold and an average price target of $46.94.
Shares of Flowserve Corp (NYSE:FLS) opened at 46.78 on Wednesday. Flowserve Corp has a 12 month low of $39.13 and a 12 month high of $52.50. The company has a market cap of $6.11 billion, a P/E ratio of 42.14 and a beta of 1.58. The company’s 50 day moving average is $48.28 and its 200-day moving average is $47.40.
Flowserve Corp (NYSE:FLS) last announced its quarterly earnings results on Thursday, February 16th. The company reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.07. Flowserve Corp had a net margin of 3.60% and a return on equity of 17.93%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the business posted $0.89 EPS. Flowserve Corp’s quarterly revenue was down 16.5% on a year-over-year basis. Analysts expect that Flowserve Corp will post $1.77 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, April 7th. Shareholders of record on Friday, March 24th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Wednesday, March 22nd. Flowserve Corp’s dividend payout ratio (DPR) is presently 66.09%.
A number of hedge funds have recently modified their holdings of the stock. Hermes Investment Management Ltd. increased its stake in shares of Flowserve Corp by 3,921.6% in the third quarter. Hermes Investment Management Ltd. now owns 205,100 shares of the company’s stock worth $9,894,000 after buying an additional 200,000 shares during the period. Reilly Financial Advisors LLC increased its stake in shares of Flowserve Corp by 3.4% in the third quarter. Reilly Financial Advisors LLC now owns 150,181 shares of the company’s stock worth $7,245,000 after buying an additional 4,920 shares during the period. CENTRAL TRUST Co increased its stake in shares of Flowserve Corp by 2.6% in the third quarter. CENTRAL TRUST Co now owns 6,809 shares of the company’s stock worth $328,000 after buying an additional 170 shares during the period. Bartlett & Co. LLC increased its stake in shares of Flowserve Corp by 0.4% in the third quarter. Bartlett & Co. LLC now owns 284,428 shares of the company’s stock worth $13,721,000 after buying an additional 1,107 shares during the period. Finally, John G Ullman & Associates Inc. increased its stake in shares of Flowserve Corp by 166.9% in the third quarter. John G Ullman & Associates Inc. now owns 27,760 shares of the company’s stock worth $1,339,000 after buying an additional 17,360 shares during the period. 98.48% of the stock is owned by hedge funds and other institutional investors.
Flowserve Corp Company Profile
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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