Research Analysts Set Expectations for Flowserve Corp.’s Q3 2016 Earnings (FLS)
Flowserve Corp. (NYSE:FLS) – Research analysts at KeyCorp cut their Q3 2016 earnings per share (EPS) estimates for Flowserve Corp. in a research note issued on Tuesday. KeyCorp analyst J. Hammond now expects that the firm will post earnings of $0.63 per share for the quarter, down from their previous forecast of $0.66. KeyCorp also issued estimates for Flowserve Corp.’s FY2016 earnings at $2.30 EPS.
FLS has been the subject of a number of other reports. Northcoast Research reissued a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. BMO Capital Markets cut their target price on shares of Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 1st. Oppenheimer Holdings Inc. reissued a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. Zacks Investment Research lowered shares of Flowserve Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 23rd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $54.00 target price on shares of Flowserve Corp. in a report on Tuesday, August 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of €61.97 ($68.85).
Flowserve Corp. (NYSE:FLS) opened at 47.88 on Thursday. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 23.73 and a beta of 1.65. The firm has a 50-day moving average of $47.74 and a 200 day moving average of $47.03. Flowserve Corp. has a one year low of $33.86 and a one year high of $52.50.
Flowserve Corp. (NYSE:FLS) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Flowserve Corp. had a return on equity of 20.30% and a net margin of 6.10%. The company earned $1.03 billion during the quarter, compared to the consensus estimate of $1,000 million. During the same quarter last year, the company posted $0.80 earnings per share. The firm’s revenue for the quarter was down 11.7% compared to the same quarter last year.
Several hedge funds have recently added to or reduced their stakes in the stock. Seven Eight Capital LLC purchased a new stake in Flowserve Corp. during the first quarter valued at $124,000. Advisor Group Inc. purchased a new stake in Flowserve Corp. during the second quarter valued at $131,000. Pinkerton Retirement Specialists LLC purchased a new stake in Flowserve Corp. during the second quarter valued at $142,000. Whittier Trust Co. increased its stake in Flowserve Corp. by 194.6% in the second quarter. Whittier Trust Co. now owns 3,865 shares of the company’s stock valued at $175,000 after buying an additional 2,553 shares during the last quarter. Finally, Strs Ohio increased its stake in Flowserve Corp. by 124.7% in the second quarter. Strs Ohio now owns 4,097 shares of the company’s stock valued at $185,000 after buying an additional 2,274 shares during the last quarter. Hedge funds and other institutional investors own 98.49% of the company’s stock.
In related news, COO Thomas L. Pajonas sold 35,000 shares of Flowserve Corp. stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the completion of the sale, the chief operating officer now directly owns 99,487 shares in the company, valued at €4,525,663.63 ($5,028,515.14). The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William C. Rusnack sold 2,169 shares of Flowserve Corp. stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the completion of the sale, the director now owns 2,783 shares of the company’s stock, valued at €130,021.76 ($144,468.62). The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio is currently 37.81%.
Flowserve Corp. Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.
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