Zacks Research Comments on Flowserve Co.'s Q3 2024 Earnings (NYSE:FLS)

Flowserve Co. (NYSE:FLS - Free Report) - Investment analysts at Zacks Research dropped their Q3 2024 EPS estimates for shares of Flowserve in a research note issued to investors on Monday, August 19th. Zacks Research analyst R. Department now expects that the industrial products company will earn $0.61 per share for the quarter, down from their previous estimate of $0.65. The consensus estimate for Flowserve's current full-year earnings is $2.72 per share. Zacks Research also issued estimates for Flowserve's FY2024 earnings at $2.69 EPS, Q1 2025 earnings at $0.55 EPS, FY2025 earnings at $2.98 EPS, Q1 2026 earnings at $0.66 EPS, Q2 2026 earnings at $0.88 EPS and FY2026 earnings at $3.48 EPS.

Several other brokerages have also commented on FLS. StockNews.com lowered Flowserve from a "strong-buy" rating to a "buy" rating in a research note on Thursday, August 8th. Mizuho restated a "buy" rating and set a $53.00 price target (up previously from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. UBS Group raised their price objective on Flowserve from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, May 1st. Stifel Nicolaus raised their price objective on Flowserve from $58.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird raised their price objective on Flowserve from $57.00 to $60.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $56.11.

Flowserve Trading Down 1.1 %

FLS stock traded down $0.52 during midday trading on Tuesday, reaching $47.24. The company's stock had a trading volume of 576,688 shares, compared to its average volume of 1,044,116. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.28 and a current ratio of 2.00. The stock has a fifty day simple moving average of $47.97 and a two-hundred day simple moving average of $46.58. Flowserve has a 1 year low of $35.31 and a 1 year high of $52.09. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 1.19 and a beta of 1.42.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.10. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company's quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS.

Hedge Funds Weigh In On Flowserve

A number of institutional investors have recently made changes to their positions in FLS. Signaturefd LLC increased 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 purchasing an additional 370 shares during the last quarter. nVerses Capital LLC purchased a new stake in Flowserve during the second quarter valued at about $34,000. YHB Investment Advisors Inc. purchased a new stake in Flowserve during the first quarter valued at about $36,000. Raleigh Capital Management Inc. grew its position in Flowserve by 122.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 1,083 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 596 shares during the period. Finally, GAMMA Investing LLC grew its position in Flowserve by 166.0% during the second quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 616 shares during the period. 93.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Flowserve

In related news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the sale, the chief executive officer now directly owns 407,243 shares in the company, valued at $20,354,005.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.72% of the company's stock.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.21 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.78%. Flowserve's dividend payout ratio (DPR) is currently 47.46%.

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.