Flowserve (NYSE:FLS) Lowered to Hold at Vertical Research

Flowserve (NYSE:FLS) was downgraded by analysts at Vertical Research from a “buy” rating to a “hold” rating in a report released on Wednesday, The Fly reports.

FLS has been the topic of a number of other reports. Morgan Stanley reduced their target price on shares of Flowserve from $39.00 to $25.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 17th. Royal Bank of Canada reaffirmed a “hold” rating and set a $50.00 price objective on shares of Flowserve in a research note on Wednesday, February 19th. Bank of America downgraded Flowserve from a “neutral” rating to an “underperform” rating and set a $50.00 target price on the stock. in a report on Tuesday, December 17th. Credit Suisse Group cut their price objective on Flowserve from $54.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Finally, TheStreet lowered Flowserve from a “b-” rating to a “c” rating in a research note on Tuesday, March 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $49.00.

FLS traded up $1.66 on Wednesday, hitting $23.00. 2,496,719 shares of the stock traded hands, compared to its average volume of 1,252,596. The business has a fifty day moving average price of $37.55 and a two-hundred day moving average price of $45.44. The company has a current ratio of 2.25, a quick ratio of 1.66 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $2.52 billion, a PE ratio of 11.92, a P/E/G ratio of 0.86 and a beta of 1.66. Flowserve has a 52 week low of $18.98 and a 52 week high of $54.16.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, February 17th. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. Flowserve had a net margin of 6.43% and a return on equity of 16.44%. During the same quarter in the previous year, the firm posted $0.58 EPS. On average, equities research analysts forecast that Flowserve will post 2.25 EPS for the current fiscal year.

In other Flowserve news, Director Sujeet Chand purchased 1,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were bought at an average price of $43.57 per share, with a total value of $43,570.00. 0.36% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. lifted its stake in Flowserve by 298.4% in the 4th quarter. Macquarie Group Ltd. now owns 7,968 shares of the industrial products company’s stock valued at $397,000 after acquiring an additional 5,968 shares in the last quarter. Norges Bank bought a new stake in shares of Flowserve in the fourth quarter worth $50,200,000. Pearl River Capital LLC lifted its position in shares of Flowserve by 830.9% in the fourth quarter. Pearl River Capital LLC now owns 8,015 shares of the industrial products company’s stock worth $399,000 after purchasing an additional 7,154 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Flowserve by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 2,083,209 shares of the industrial products company’s stock worth $103,474,000 after purchasing an additional 80,599 shares in the last quarter. Finally, Man Group plc acquired a new position in Flowserve during the fourth quarter worth $4,909,000. 96.32% of the stock is owned by institutional investors.

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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