Flowserve Corporation (FLS) Stock Rating Reaffirmed by Citigroup Inc.
Flowserve Corporation (NYSE:FLS)‘s stock had its “neutral” rating reaffirmed by research analysts at Citigroup Inc. in a report released on Monday. They presently have a $48.00 target price on the industrial products company’s stock, up from their prior target price of $46.00. Citigroup Inc.’s target price would indicate a potential upside of 10.24% from the company’s current price.
A number of other analysts also recently issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Flowserve Corporation in a research note on Sunday, September 3rd. BidaskClub raised Flowserve Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised Flowserve Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Wolfe Research initiated coverage on Flowserve Corporation in a research note on Tuesday, July 11th. They issued an “underperform” rating and a $38.00 price objective on the stock. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Flowserve Corporation in a research note on Tuesday, June 27th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $47.18.
Shares of Flowserve Corporation (NYSE:FLS) opened at 43.54 on Monday. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 54.42 and a beta of 1.47. Flowserve Corporation has a 52 week low of $37.51 and a 52 week high of $52.10. The firm has a 50-day moving average price of $41.10 and a 200 day moving average price of $45.12.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings data on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.21). Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The firm had revenue of $877.00 million during the quarter, compared to the consensus estimate of $933.91 million. During the same period in the previous year, the firm earned $0.57 EPS. The business’s revenue was down 14.6% compared to the same quarter last year. On average, analysts forecast that Flowserve Corporation will post $1.40 EPS for the current fiscal year.
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Institutional investors have recently made changes to their positions in the company. GAM Holding AG boosted its holdings in shares of Flowserve Corporation by 2.4% in the 2nd quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock worth $2,638,000 after purchasing an additional 1,306 shares during the period. Legal & General Group Plc boosted its holdings in shares of Flowserve Corporation by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock worth $30,170,000 after purchasing an additional 18,039 shares during the period. Old Mutual Global Investors UK Ltd. purchased a new position in shares of Flowserve Corporation in the 2nd quarter worth approximately $840,000. Bank of America Corp DE boosted its holdings in shares of Flowserve Corporation by 21.1% in the 1st quarter. Bank of America Corp DE now owns 530,492 shares of the industrial products company’s stock worth $25,686,000 after purchasing an additional 92,488 shares during the period. Finally, ARGA Investment Management LP boosted its holdings in shares of Flowserve Corporation by 62.9% in the 2nd quarter. ARGA Investment Management LP now owns 15,800 shares of the industrial products company’s stock worth $733,000 after purchasing an additional 6,100 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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