Flowserve Corporation (FLS) Announces Earnings Results
Flowserve Corporation (NYSE:FLS) issued its quarterly earnings data on Thursday. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. Flowserve Corporation had a net margin of 3.60% and a return on equity of 17.93%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. The company’s revenue was down 16.5% on a year-over-year basis. Flowserve Corporation updated its FY17 guidance to $1.55-1.85 EPS.
Flowserve Corporation (NYSE:FLS) opened at 50.81 on Friday. The stock has a 50 day moving average of $49.84 and a 200 day moving average of $47.55. Flowserve Corporation has a 52 week low of $39.13 and a 52 week high of $52.50. The company has a market cap of $6.63 billion, a price-to-earnings ratio of 44.11 and a beta of 1.58.
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A number of brokerages have commented on FLS. RBC Capital Markets reissued an “underperform” rating and set a $38.00 price objective (down previously from $42.00) on shares of Flowserve Corporation in a report on Monday, October 31st. Goldman Sachs Group, Inc. (The) raised shares of Flowserve Corporation from a “sell” rating to a “neutral” rating in a report on Monday, October 31st. Bank of America Corporation raised shares of Flowserve Corporation from a “neutral” rating to a “buy” rating in a report on Wednesday, February 8th. Royal Bank Of Canada decreased their price objective on shares of Flowserve Corporation from $42.00 to $38.00 and set an “underperform” rating on the stock in a report on Monday, October 31st. Finally, Seaport Global Securities raised shares of Flowserve Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $48.00 to $60.00 in a report on Monday, January 23rd. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $45.05.
Several large investors have recently made changes to their positions in the stock. FMR LLC boosted its stake in shares of Flowserve Corporation by 204.3% in the fourth quarter. FMR LLC now owns 16,446,998 shares of the company’s stock worth $790,278,000 after buying an additional 11,042,329 shares during the last quarter. State Street Corp boosted its stake in shares of Flowserve Corporation by 5.9% in the fourth quarter. State Street Corp now owns 5,385,416 shares of the company’s stock worth $258,775,000 after buying an additional 299,995 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in shares of Flowserve Corporation by 0.3% in the third quarter. EdgePoint Investment Group Inc. now owns 5,033,473 shares of the company’s stock worth $242,815,000 after buying an additional 14,214 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Flowserve Corporation by 1.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,557,539 shares of the company’s stock worth $171,616,000 after buying an additional 61,094 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of Flowserve Corporation by 3.7% in the third quarter. BlackRock Fund Advisors now owns 2,055,163 shares of the company’s stock worth $99,141,000 after buying an additional 73,360 shares during the last quarter. 98.48% of the stock is owned by institutional investors.
About Flowserve Corporation
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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