Wall Street brokerages expect Flowserve Corp (NYSE:FLS) to announce sales of $1.01 billion for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Flowserve’s earnings, with the lowest sales estimate coming in at $1.00 billion and the highest estimate coming in at $1.03 billion. Flowserve posted sales of $973.13 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.8%. The company is expected to issue its next quarterly earnings report after the market closes on Wednesday, July 31st.
On average, analysts expect that Flowserve will report full-year sales of $3.99 billion for the current financial year, with estimates ranging from $3.97 billion to $4.00 billion. For the next financial year, analysts forecast that the firm will post sales of $4.16 billion, with estimates ranging from $4.10 billion to $4.24 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Flowserve.
Flowserve (NYSE:FLS) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $890.05 million during the quarter, compared to analysts’ expectations of $943.79 million. Flowserve had a net margin of 4.25% and a return on equity of 13.46%. The business’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 earnings per share.
Several research analysts have recently weighed in on FLS shares. Stifel Nicolaus set a $113.00 price target on shares of Neurocrine Biosciences and gave the company a “buy” rating in a report on Monday, July 15th. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Citigroup set a $12.00 price target on shares of Avaya and gave the company a “hold” rating in a report on Monday, July 8th. Morgan Stanley upped their price target on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a report on Wednesday, July 10th. Finally, Zacks Investment Research upgraded shares of HANNOVER RUECK/S from a “sell” rating to a “hold” rating in a report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. Flowserve presently has an average rating of “Hold” and an average price target of $50.08.
Shares of Flowserve stock traded up $1.20 on Thursday, hitting $52.56. The company had a trading volume of 696,100 shares, compared to its average volume of 979,663. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.49 and a beta of 1.62. Flowserve has a twelve month low of $35.88 and a twelve month high of $56.86. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.17 and a quick ratio of 1.57. The company has a 50-day simple moving average of $51.08.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Friday, June 21st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.45%. The ex-dividend date was Thursday, June 20th. Flowserve’s payout ratio is 43.43%.
In related news, insider John Lenander sold 5,761 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $49.32, for a total transaction of $284,132.52. Following the completion of the transaction, the insider now owns 16,568 shares in the company, valued at $817,133.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.36% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaCrest Capital Management LLC boosted its holdings in Flowserve by 22.0% during the first quarter. AlphaCrest Capital Management LLC now owns 16,344 shares of the industrial products company’s stock worth $738,000 after purchasing an additional 2,944 shares during the last quarter. Geode Capital Management LLC lifted its stake in Flowserve by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 1,795,400 shares of the industrial products company’s stock valued at $68,149,000 after acquiring an additional 134,350 shares during the last quarter. Bfsg LLC acquired a new stake in Flowserve in the first quarter valued at $462,000. Principal Financial Group Inc. lifted its stake in Flowserve by 1.5% in the fourth quarter. Principal Financial Group Inc. now owns 196,051 shares of the industrial products company’s stock valued at $7,454,000 after acquiring an additional 2,881 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. lifted its stake in Flowserve by 2.1% in the first quarter. Beutel Goodman & Co Ltd. now owns 1,788,512 shares of the industrial products company’s stock valued at $60,413,000 after acquiring an additional 37,593 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.
Flowserve Company Profile
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).
See Also: How to Invest in Marijuana Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.