FY2017 EPS Estimates for Flowserve Corp. Reduced by KeyCorp (FLS)
Flowserve Corp. (NYSE:FLS) – Equities research analysts at KeyCorp decreased their FY2017 EPS estimates for shares of Flowserve Corp. in a research note issued on Tuesday. KeyCorp analyst J. Hammond now forecasts that the brokerage will post earnings per share of $2.40 for the year, down from their prior forecast of $2.60.
Flowserve Corp. (NYSE:FLS) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.03. Flowserve Corp. had a net margin of 6.10% and a return on equity of 20.30%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1,000 million. During the same period last year, the business earned $0.80 EPS. The firm’s quarterly revenue was down 11.7% on a year-over-year basis.
FLS has been the topic of a number of other research reports. Zacks Investment Research cut Flowserve Corp. from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Northcoast Research reaffirmed a “neutral” rating on shares of Flowserve Corp. in a research note on Tuesday, August 16th. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Flowserve Corp. in a research note on Thursday, September 8th. BMO Capital Markets cut their target price on Flowserve Corp. from $44.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, August 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 target price on shares of Flowserve Corp. in a research note on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of €61.97 ($68.85).
Flowserve Corp. (NYSE:FLS) traded down 2.36% on Friday, reaching $46.75. The company had a trading volume of 725,959 shares. Flowserve Corp. has a 52 week low of $33.86 and a 52 week high of $52.50. The company has a market capitalization of $6.10 billion, a P/E ratio of 23.17 and a beta of 1.65. The stock’s 50-day moving average is $47.68 and its 200-day moving average is $47.03.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.19 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.76 annualized dividend and a dividend yield of 1.63%. Flowserve Corp.’s dividend payout ratio is presently 37.81%.
In related news, CEO Mark A. Blinn sold 84,261 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of €45.50 ($50.56), for a total value of €3,833,875.50 ($4,259,861.67). Following the transaction, the chief executive officer now directly owns 397,687 shares of the company’s stock, valued at approximately €18,094,758.50 ($20,105,287.22). The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William C. Rusnack sold 2,169 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of €46.72 ($51.91), for a total value of €101,335.68 ($112,595.20). Following the completion of the transaction, the director now directly owns 2,783 shares in the company, valued at €130,021.76 ($144,468.62). The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LLC bought a new stake in shares of Flowserve Corp. during the first quarter valued at $124,000. Advisor Group Inc. bought a new stake in shares of Flowserve Corp. during the second quarter valued at $131,000. Pinkerton Retirement Specialists LLC bought a new stake in shares of Flowserve Corp. during the second quarter valued at $142,000. Whittier Trust Co. increased its stake in shares of Flowserve Corp. by 194.6% in the second quarter. Whittier Trust Co. now owns 3,865 shares of the company’s stock valued at $175,000 after buying an additional 2,553 shares in the last quarter. Finally, Strs Ohio increased its stake in shares of Flowserve Corp. by 124.7% in the second quarter. Strs Ohio now owns 4,097 shares of the company’s stock valued at $185,000 after buying an additional 2,274 shares in the last quarter. 98.49% of the stock is currently owned by hedge funds and other institutional investors.
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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