Cowen and Company Reiterates “Buy” Rating for Flowserve Corporation (FLS)
Flowserve Corporation (NYSE:FLS)‘s stock had its “buy” rating reaffirmed by equities research analysts at Cowen and Company in a note issued to investors on Thursday. They currently have a $50.00 target price on the industrial products company’s stock. Cowen and Company’s price target points to a potential upside of 27.81% from the company’s previous close.
FLS has been the topic of a number of other research reports. BidaskClub downgraded shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Wolfe Research upgraded shares of Flowserve Corporation from an “underperform” rating to a “market perform” rating and set a $38.00 price target on the stock in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 price target (up previously from $53.00) on shares of Flowserve Corporation in a research note on Wednesday, May 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $50.00 price target on shares of Flowserve Corporation in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Flowserve Corporation has a consensus rating of “Hold” and an average price target of $48.60.
Shares of Flowserve Corporation (NYSE FLS) opened at 39.12 on Thursday. The firm’s 50 day moving average is $44.68 and its 200-day moving average is $47.50. Flowserve Corporation has a one year low of $38.95 and a one year high of $52.10. The firm has a market capitalization of $5.10 billion, a PE ratio of 43.47 and a beta of 1.46.
Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.21. Flowserve Corporation had a return on equity of 13.20% and a net margin of 2.68%. The business had revenue of $877 million for the quarter, compared to analyst estimates of $933.91 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. On average, equities research analysts predict that Flowserve Corporation will post $1.49 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Old Mutual Global Investors UK Ltd. acquired a new position in Flowserve Corporation during the second quarter worth about $840,000. Oppenheimer Asset Management Inc. boosted its position in Flowserve Corporation by 0.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 95,610 shares of the industrial products company’s stock worth $4,439,000 after buying an additional 570 shares in the last quarter. Cipher Capital LP acquired a new position in Flowserve Corporation during the second quarter worth about $847,000. Delta Lloyd Asset Management N.V. acquired a new position in Flowserve Corporation during the second quarter worth about $1,122,000. Finally, Swiss National Bank boosted its position in Flowserve Corporation by 2.9% in the second quarter. Swiss National Bank now owns 475,522 shares of the industrial products company’s stock worth $22,078,000 after buying an additional 13,200 shares in the last quarter.
Flowserve Corporation Company Profile
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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