FY2024 EPS Estimates for Flowserve Decreased by Analyst

Flowserve Co. (NYSE:FLS) – Investment analysts at Zacks Research lowered their FY2024 EPS estimates for Flowserve in a research note issued on Monday, November 18th. Zacks Research analyst R. Department now forecasts that the industrial products company will earn $2.66 per share for the year, down from their previous forecast of $2.71. The consensus estimate for Flowserve’s current full-year earnings is $2.72 per share.

Several other brokerages have also commented on FLS. Stifel Nicolaus boosted their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada boosted their price target on Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 30th. Mizuho boosted their price target on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Flowserve currently has an average rating of “Moderate Buy” and a consensus price target of $60.10.

Flowserve Price Performance

Shares of FLS stock opened at $60.06 on Thursday. The stock’s fifty day simple moving average is $53.83 and its 200 day simple moving average is $50.19. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 1.39. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 29.73, a P/E/G ratio of 1.44 and a beta of 1.38. Flowserve has a one year low of $37.24 and a one year high of $61.60.

Flowserve (NYSE:FLS) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 17.10% and a net margin of 5.90%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share.

Institutional Investors Weigh In On Flowserve

A number of institutional investors and hedge funds have recently made changes to their positions in the company. True Wealth Design LLC acquired a new position in shares of Flowserve in the 3rd quarter valued at $25,000. Signaturefd LLC lifted its stake in Flowserve by 185.9% in the second quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock valued at $27,000 after buying an additional 370 shares during the period. V Square Quantitative Management LLC bought a new position in Flowserve during the third quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Flowserve during the 3rd quarter worth about $29,000. Finally, nVerses Capital LLC bought a new stake in shares of Flowserve in the 2nd quarter valued at about $34,000. Institutional investors own 93.93% of the company’s stock.

About Flowserve

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.