Flowserve Corporation (FLS) Rating Lowered to Neutral at Seaport Global Securities
Flowserve Corporation (NYSE:FLS) was downgraded by stock analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a report released on Friday. They presently have a $40.00 price target on the industrial products company’s stock, down from their previous price target of $60.00. Seaport Global Securities’ price objective points to a potential upside of 1.91% from the company’s current price.
A number of other equities analysts have also issued reports on the stock. BMO Capital Markets lowered shares of Flowserve Corporation from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $41.00 in a research report on Friday. Boenning Scattergood reaffirmed a “hold” rating on shares of Flowserve Corporation in a report on Thursday. Zacks Investment Research raised shares of Flowserve Corporation from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 target price on shares of Flowserve Corporation in a report on Tuesday, October 17th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $48.00 target price (up from $46.00) on shares of Flowserve Corporation in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Flowserve Corporation presently has an average rating of “Hold” and an average target price of $44.27.
Shares of Flowserve Corporation (FLS) traded up $0.11 during trading on Friday, hitting $39.25. 4,749,839 shares of the company traded hands, compared to its average volume of 1,518,293. The stock has a market capitalization of $5,127.42, a PE ratio of 25.16, a price-to-earnings-growth ratio of 2.60 and a beta of 1.55. The company has a current ratio of 2.12, a quick ratio of 1.29 and a debt-to-equity ratio of 0.85.
Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.03. The firm had revenue of $883.38 million during the quarter, compared to analyst estimates of $871.20 million. Flowserve Corporation had a net margin of 4.58% and a return on equity of 12.09%. Flowserve Corporation’s revenue was down 6.6% on a year-over-year basis. During the same period last year, the firm posted $0.52 EPS. sell-side analysts forecast that Flowserve Corporation will post 1.36 EPS for the current fiscal year.
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Large investors have recently modified their holdings of the business. Huntington National Bank increased its stake in Flowserve Corporation by 28.0% during the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 480 shares during the period. Creative Planning increased its stake in Flowserve Corporation by 6.2% during the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after purchasing an additional 141 shares during the period. Federated Investors Inc. PA increased its stake in Flowserve Corporation by 1.8% during the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 46 shares during the period. Evercore Wealth Management LLC increased its stake in Flowserve Corporation by 41.2% during the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 756 shares during the period. Finally, Sciencast Management LP purchased a new stake in Flowserve Corporation during the second quarter worth about $201,000.
About Flowserve Corporation
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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