Flowserve FY2024 EPS Forecast Lowered by Zacks Research

Flowserve Co. (NYSE:FLS - Free Report) - Equities researchers at Zacks Research lowered their FY2024 earnings per share estimates for shares of Flowserve in a research report 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 prior estimate of $2.71. The consensus estimate for Flowserve's current full-year earnings is $2.72 per share.

A number of other equities analysts have also recently commented on FLS. TD Cowen raised their target price on Flowserve from $55.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They issued a "buy" rating and a $65.00 price objective for the company. The Goldman Sachs Group increased their target price on shares of Flowserve from $46.00 to $52.00 and gave the stock a "sell" rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a "sector perform" rating in a research note on Wednesday, October 30th. Finally, Mizuho increased their price objective on Flowserve from $58.00 to $65.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Flowserve has a consensus rating of "Moderate Buy" and a consensus price target of $60.10.

Flowserve Trading Down 0.3 %

FLS opened at $59.89 on Thursday. Flowserve has a 52 week low of $37.24 and a 52 week high of $61.60. The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $53.83 and a 200-day simple moving average of $50.19. The firm has a market cap of $7.87 billion, a P/E ratio of 29.65, a P/E/G ratio of 1.42 and a beta of 1.38.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. True Wealth Design LLC purchased a new stake in Flowserve during the third quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Flowserve during the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Flowserve in the 3rd quarter valued at $29,000. Signaturefd LLC grew its position in shares of Flowserve by 185.9% in the 2nd 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 last quarter. Finally, Allworth Financial LP raised its stake in Flowserve by 159.9% during the 3rd quarter. Allworth Financial LP now owns 655 shares of the industrial products company's stock worth $34,000 after acquiring an additional 403 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.

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