Flowserve (FLS) Lowered to Sell at Goldman Sachs Group
Goldman Sachs Group downgraded shares of Flowserve (NYSE:FLS) from a neutral rating to a sell rating in a research note published on Thursday. The brokerage currently has $37.00 price target on the industrial products company’s stock, down from their previous price target of $42.65.
A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Flowserve from a hold rating to a sell rating in a research note on Monday, November 6th. Royal Bank Of Canada reaffirmed an underperform rating and issued a $36.00 price objective (down previously from $38.00) on shares of Flowserve in a research note on Friday, November 3rd. Seaport Global Securities cut shares of Flowserve from a buy rating to a neutral rating and cut their price objective for the company from $60.00 to $40.00 in a research note on Friday, November 3rd. BMO Capital Markets cut shares of Flowserve from an outperform rating to a market perform rating and dropped their price target for the company from $51.00 to $41.00 in a research report on Friday, November 3rd. Finally, Boenning Scattergood reissued a hold rating on shares of Flowserve in a research report on Thursday, November 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. Flowserve has an average rating of Hold and an average price target of $43.67.
Shares of Flowserve (NYSE:FLS) traded down $0.52 during trading on Thursday, hitting $42.13. 1,211,100 shares of the stock were exchanged, compared to its average volume of 1,411,584. Flowserve has a 12 month low of $37.51 and a 12 month high of $52.10. The stock has a market cap of $5,461.85, a PE ratio of 26.80, a price-to-earnings-growth ratio of 3.38 and a beta of 1.53. The company has a quick ratio of 1.30, a current ratio of 2.12 and a debt-to-equity ratio of 0.85.
Flowserve (NYSE:FLS) last announced its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.03. Flowserve had a net margin of 4.58% and a return on equity of 12.09%. The company had revenue of $883.38 million during the quarter, compared to analysts’ expectations of $871.20 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s revenue was down 6.6% on a year-over-year basis. analysts predict that Flowserve will post 1.38 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Verition Fund Management LLC raised its holdings in Flowserve by 2.5% in the 2nd quarter. Verition Fund Management LLC now owns 5,232 shares of the industrial products company’s stock worth $243,000 after purchasing an additional 126 shares in the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in Flowserve in the 2nd quarter worth $840,000. GAM Holding AG raised its holdings in Flowserve by 2.4% in the 2nd quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock worth $2,638,000 after purchasing an additional 1,306 shares in the last quarter. Legal & General Group Plc raised its holdings in Flowserve by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock worth $30,170,000 after purchasing an additional 18,039 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in Flowserve in the 3rd quarter worth $1,799,000.
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Flowserve 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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