Royal Bank Of Canada Reaffirms “Underperform” Rating for Flowserve Corporation (FLS)
Royal Bank Of Canada restated their underperform rating on shares of Flowserve Corporation (NYSE:FLS) in a report released on Friday, Marketbeat.com reports. The firm currently has a $36.00 price objective on the industrial products company’s stock, down from their previous price objective of $38.00.
A number of other research firms also recently issued reports on FLS. Susquehanna Bancshares Inc upgraded Flowserve Corporation from a neutral rating to a positive rating and decreased their price objective for the stock from $50.00 to $46.00 in a report on Tuesday, August 15th. BMO Capital Markets reiterated an outperform rating and issued a $47.00 price objective (down previously from $56.00) on shares of Flowserve Corporation in a report on Friday, July 28th. Cowen and Company reiterated a buy rating and issued a $50.00 price objective on shares of Flowserve Corporation in a report on Thursday, August 10th. Zacks Investment Research downgraded Flowserve Corporation from a hold rating to a sell rating in a report on Wednesday, August 2nd. Finally, BidaskClub upgraded Flowserve Corporation from a sell rating to a hold rating in a report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $44.27.
Flowserve Corporation (NYSE FLS) traded up $0.75 on Friday, reaching $40.00. The company’s stock had a trading volume of 1,813,827 shares, compared to its average volume of 1,690,235. The company has a quick ratio of 1.30, a current ratio of 2.12 and a debt-to-equity ratio of 0.85. The firm has a market cap of $5,127.42, a P/E ratio of 25.16, a P/E/G ratio of 3.21 and a beta of 1.55.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. The business had revenue of $883.38 million during the quarter, compared to the consensus estimate of $871.20 million. Flowserve Corporation had a return on equity of 12.09% and a net margin of 4.58%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. sell-side analysts anticipate that Flowserve Corporation will post 1.36 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC boosted its position in shares of Flowserve Corporation by 2.5% during the second quarter. Verition Fund Management LLC now owns 5,232 shares of the industrial products company’s stock valued at $243,000 after buying an additional 126 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Flowserve Corporation during the second quarter valued at $840,000. GAM Holding AG boosted its position in shares of Flowserve Corporation by 2.4% during the second quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock valued at $2,638,000 after buying an additional 1,306 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Flowserve Corporation by 2.9% during the second quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock valued at $30,170,000 after buying an additional 18,039 shares during the last quarter. Finally, ARGA Investment Management LP boosted its position in shares of Flowserve Corporation by 62.9% during the second quarter. ARGA Investment Management LP now owns 15,800 shares of the industrial products company’s stock valued at $733,000 after buying an additional 6,100 shares during the last quarter.
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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