Research Analysts Set Expectations for Flowserve Corp.’s Q3 2016 Earnings (FLS)
Flowserve Corp. (NYSE:FLS) – Equities research analysts at KeyCorp dropped their Q3 2016 earnings per share (EPS) estimates for shares of Flowserve Corp. in a research note issued on Tuesday. KeyCorp analyst J. Hammond now anticipates that the brokerage will post earnings per share of $0.63 for the quarter, down from their previous estimate of $0.66. KeyCorp also issued estimates for Flowserve Corp.’s FY2016 earnings at $2.30 EPS.
FLS has been the subject of several other reports. Stifel Nicolaus reissued a “buy” rating and issued a $54.00 price objective on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Zacks Investment Research downgraded Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Oppenheimer Holdings Inc. restated a “” rating on shares of Flowserve Corp. in a report on Thursday, September 8th. BMO Capital Markets dropped their target price on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 1st. Finally, Northcoast Research restated a “neutral” rating on shares of Flowserve Corp. in a report on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Flowserve Corp. presently has an average rating of “Hold” and a consensus target price of €61.97 ($68.85).
Shares of Flowserve Corp. (NYSE:FLS) opened at 47.88 on Thursday. The company has a market capitalization of $6.24 billion, a P/E ratio of 23.73 and a beta of 1.65. Flowserve Corp. has a 12-month low of $33.86 and a 12-month high of $52.50. The company has a 50 day moving average price of $47.74 and a 200 day moving average price of $47.03.
Flowserve Corp. (NYSE:FLS) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.60 by $0.03. The firm earned $1.03 billion during the quarter, compared to the consensus estimate of $1,000 million. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The business’s revenue was down 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Wednesday, September 28th. Flowserve Corp.’s dividend payout ratio (DPR) is 37.81%.
In other news, Director William C. Rusnack sold 2,169 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of €46.72 ($51.91), for a total transaction of €101,335.68 ($112,595.20). Following the sale, the director now owns 2,783 shares of the company’s stock, valued at approximately €130,021.76 ($144,468.62). The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas L. Pajonas sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of €45.49 ($50.54), for a total value of €1,592,150.00 ($1,769,055.56). Following the sale, the chief operating officer now directly owns 99,487 shares in the company, valued at approximately €4,525,663.63 ($5,028,515.14). The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
Large investors have recently modified their holdings of the company. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Flowserve Corp. by 1.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,063 shares of the company’s stock valued at $454,000 after buying an additional 98 shares during the period. Norinchukin Bank The raised its stake in shares of Flowserve Corp. by 2.4% in the second quarter. Norinchukin Bank The now owns 6,838 shares of the company’s stock valued at $309,000 after buying an additional 162 shares during the period. Monarch Capital Management Inc. raised its stake in shares of Flowserve Corp. by 0.3% in the third quarter. Monarch Capital Management Inc. now owns 69,360 shares of the company’s stock valued at $3,346,000 after buying an additional 180 shares during the period. Brown Advisory Inc. raised its stake in shares of Flowserve Corp. by 0.8% in the second quarter. Brown Advisory Inc. now owns 36,159 shares of the company’s stock valued at $1,633,000 after buying an additional 280 shares during the period. Finally, Advantus Capital Management Inc raised its stake in shares of Flowserve Corp. by 2.3% in the second quarter. Advantus Capital Management Inc now owns 12,593 shares of the company’s stock valued at $569,000 after buying an additional 285 shares during the period. 98.49% of the stock is currently owned by institutional investors and hedge funds.
Flowserve Corp. Company Profile
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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