Flowserve Corporation (FLS) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research lowered shares of Flowserve Corporation (NYSE:FLS) from a hold rating to a sell rating in a research note issued to investors on Monday.
According to Zacks, “Flowserve’s third-quarter 2017 adjusted earnings beat the Zacks Consensus Estimates by 8.8%. However, the company posted broad-based top-line decline as revenues fell 6.6% year over year, due to sluggish progress of the Industrial Product Division turnaround and foreign currency headwinds. In addition, cautious spending by clients, loss of sales leverage and related under-absorption has been hurting the company’s profitability. Capital spending deferrals and reduced activity in its key markets are proving to be major concerns. Also, escalating realignment costs are likely to pressurize short-term margin performance. Its shares have underperformed the industry over the past six months. However, Flowserve’s leading position in the flow control industry, strong aftermarket business and geographical diversity are expected to offset some of these challenges. “
FLS has been the topic of several other research reports. Oppenheimer Holdings, Inc. restated a hold rating on shares of Flowserve Corporation in a research report on Monday, July 31st. Susquehanna Bancshares Inc upgraded Flowserve Corporation from a neutral rating to a positive rating and lowered their price objective for the stock from $50.00 to $46.00 in a research report on Tuesday, August 15th. Cowen and Company restated a buy rating and issued a $50.00 price objective on shares of Flowserve Corporation in a research report on Thursday, August 10th. BMO Capital Markets lowered Flowserve Corporation from an outperform rating to a market perform rating and lowered their price objective for the stock from $51.00 to $41.00 in a research report on Friday, November 3rd. Finally, Seaport Global Securities lowered Flowserve Corporation from a buy rating to a neutral rating and lowered their price objective for the stock from $60.00 to $40.00 in a research report on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $44.27.
Shares of Flowserve Corporation (FLS) traded up $0.13 during midday trading on Monday, reaching $39.13. The company had a trading volume of 1,200,587 shares, compared to its average volume of 1,414,422. The stock has a market capitalization of $5,100.00, a price-to-earnings ratio of 24.94, a P/E/G ratio of 3.15 and a beta of 1.55. Flowserve Corporation has a 52-week low of $37.51 and a 52-week high of $52.10. The company has a current ratio of 2.12, a quick ratio of 1.30 and a debt-to-equity ratio of 0.85.
Flowserve Corporation (NYSE:FLS) last issued its earnings results on Wednesday, November 1st. The industrial products company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.03. The firm had revenue of $883.38 million for the quarter, compared to analyst estimates of $871.20 million. Flowserve Corporation had a return on equity of 12.09% and a net margin of 4.58%. Flowserve Corporation’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. sell-side analysts anticipate that Flowserve Corporation will post 1.38 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in FLS. OppenheimerFunds Inc. raised its stake in shares of Flowserve Corporation by 10.3% during the 1st quarter. OppenheimerFunds Inc. now owns 11,063 shares of the industrial products company’s stock worth $536,000 after buying an additional 1,034 shares during the period. Teachers Advisors LLC raised its stake in shares of Flowserve Corporation by 5.1% during the 1st quarter. Teachers Advisors LLC now owns 158,109 shares of the industrial products company’s stock worth $7,656,000 after buying an additional 7,720 shares during the period. Thrivent Financial For Lutherans raised its stake in shares of Flowserve Corporation by 6.0% during the 1st quarter. Thrivent Financial For Lutherans now owns 4,800 shares of the industrial products company’s stock worth $232,000 after buying an additional 270 shares during the period. Morgan Stanley raised its stake in shares of Flowserve Corporation by 45.0% during the 1st quarter. Morgan Stanley now owns 214,725 shares of the industrial products company’s stock worth $10,397,000 after buying an additional 66,632 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of Flowserve Corporation by 22.3% during the 1st quarter. HighTower Advisors LLC now owns 14,434 shares of the industrial products company’s stock worth $702,000 after buying an additional 2,635 shares during the period.
About Flowserve Corporation
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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