Flowserve Co. Forecasted to Post Q3 2024 Earnings of $0.64 Per Share (NYSE:FLS)

Flowserve Co. (NYSE:FLS) – Equities research analysts at Zacks Research boosted their Q3 2024 earnings per share estimates for shares of Flowserve in a report released on Tuesday, October 15th. Zacks Research analyst R. Department now forecasts that the industrial products company will earn $0.64 per share for the quarter, up from their previous estimate of $0.63. The consensus estimate for Flowserve’s current full-year earnings is $2.76 per share. Zacks Research also issued estimates for Flowserve’s FY2024 earnings at $2.71 EPS, Q3 2025 earnings at $0.74 EPS, Q4 2025 earnings at $0.96 EPS, FY2025 earnings at $3.01 EPS and Q3 2026 earnings at $0.86 EPS.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS.

Several other brokerages have also recently issued reports on FLS. The Goldman Sachs Group upped their target price on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. Royal Bank of Canada upped their price objective on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. TD Cowen upped their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird increased their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, StockNews.com lowered shares of Flowserve from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.44.

Flowserve Price Performance

Flowserve stock opened at $54.89 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 31.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The company’s 50 day simple moving average is $49.14 and its 200-day simple moving average is $48.48. Flowserve has a 1 year low of $35.31 and a 1 year high of $55.37.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Institutional Investors Weigh In On Flowserve

Several hedge funds and other institutional investors have recently bought and sold shares of FLS. RBA Wealth Management LLC purchased a new position in Flowserve in the 1st quarter worth about $3,112,000. Susquehanna Fundamental Investments LLC purchased a new position in Flowserve during the 1st quarter valued at about $3,808,000. Hennessy Advisors Inc. grew its stake in shares of Flowserve by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 617,900 shares of the industrial products company’s stock valued at $28,226,000 after buying an additional 76,400 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Flowserve by 541.1% in the 1st quarter. National Bank of Canada FI now owns 415,732 shares of the industrial products company’s stock valued at $20,616,000 after buying an additional 350,889 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Flowserve in the 1st quarter valued at approximately $874,000. 93.93% of the stock is currently owned by institutional investors.

Flowserve Company Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.