Morgan Stanley Initiates Coverage on Flowserve (FLS)

Share on StockTwits

Morgan Stanley began coverage on shares of Flowserve (NYSE:FLS) in a research report issued to clients and investors on Monday, The Fly reports. The firm set an “equal weight” rating on the industrial products company’s stock.

Other research analysts have also issued reports about the stock. Stifel Nicolaus dropped their price objective on shares of Flowserve from $44.00 to $43.00 and set a “hold” rating for the company in a research note on Monday, May 14th. DA Davidson set a $42.00 price objective on shares of Flowserve and gave the stock a “hold” rating in a research note on Monday, May 14th. Royal Bank of Canada reaffirmed a “hold” rating and set a $40.00 price objective on shares of Flowserve in a research note on Friday, July 13th. Zacks Investment Research lowered shares of Flowserve from a “hold” rating to a “sell” rating in a research note on Monday, July 16th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $47.00 price objective on shares of Flowserve in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. Flowserve presently has an average rating of “Hold” and an average price target of $47.00.

Shares of FLS stock traded up $0.16 on Monday, reaching $51.51. The company’s stock had a trading volume of 878,992 shares, compared to its average volume of 1,356,404. Flowserve has a 1 year low of $37.51 and a 1 year high of $52.13. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.61 and a current ratio of 2.25. The firm has a market cap of $6.56 billion, a PE ratio of 37.88, a price-to-earnings-growth ratio of 1.83 and a beta of 1.47.

Flowserve (NYSE:FLS) last posted its earnings results on Wednesday, August 8th. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Flowserve had a negative net margin of 0.79% and a positive return on equity of 10.52%. The firm had revenue of $973.13 million during the quarter, compared to analyst estimates of $923.89 million. During the same period last year, the firm posted $0.22 earnings per share. Flowserve’s revenue for the quarter was up 11.0% compared to the same quarter last year. equities analysts predict that Flowserve will post 1.65 EPS for the current year.

Several large investors have recently added to or reduced their stakes in FLS. Beutel Goodman & Co Ltd. bought a new stake in shares of Flowserve during the second quarter worth $54,163,000. Bank of America Corp DE lifted its position in shares of Flowserve by 42.9% during the second quarter. Bank of America Corp DE now owns 2,757,648 shares of the industrial products company’s stock worth $111,409,000 after purchasing an additional 827,459 shares during the last quarter. Caledonia Investments PLC bought a new stake in shares of Flowserve during the second quarter worth $33,090,000. EdgePoint Investment Group Inc. lifted its position in shares of Flowserve by 4.5% during the second quarter. EdgePoint Investment Group Inc. now owns 14,533,419 shares of the industrial products company’s stock worth $587,150,000 after purchasing an additional 624,832 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Flowserve during the second quarter worth $17,663,000.

About Flowserve

Flowserve Corporation designs, 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).

Featured Story: Market Capitalization and Individual Investors

The Fly

Analyst Recommendations for Flowserve (NYSE:FLS)

Receive News & Ratings for Flowserve Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply