Flowserve (FLS) Upgraded to “Buy” by Zacks Investment Research

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Flowserve (NYSE:FLS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The firm presently has a $57.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.86% from the company’s current price.

According to Zacks, “Over the past three months, Flowserve's shares have outperformed the industry. We believe that the company is poised to benefit from strengthening end markets as well as realignment and transformational initiatives in the long run. Also, the combined businesses of Engineered Product Division and Industrial Product Division will enable it to better control operations and serve customers in the global pumps market. Its policy of rewarding shareholders handsomely through dividend payments raised its appeal. In first-quarter 2019, its earnings surpassed the Zacks Consensus Estimate by 20.6% and recorded year-over-year growth of 51.9%. For 2019, the company anticipates adjusted earnings per share of $1.95-$2.15, higher than $1.75 recorded in 2018. Revenues are predicted to grow 4-6%. In the past 30 days, earnings estimates for the company have increased for 2019 and 2020.”

FLS has been the subject of several other reports. ValuEngine lowered shares of Flowserve from a “buy” rating to a “hold” rating in a report on Wednesday, February 27th. TheStreet raised shares of Flowserve from a “c” rating to a “b-” rating in a report on Wednesday, February 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $49.69.

Flowserve stock traded down $1.09 during mid-day trading on Friday, reaching $50.06. The stock had a trading volume of 24,923 shares, compared to its average volume of 1,095,938. Flowserve has a one year low of $35.88 and a one year high of $56.86. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.17 and a quick ratio of 1.57. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 28.65, a PEG ratio of 1.46 and a beta of 1.66.

Flowserve (NYSE:FLS) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Flowserve had a return on equity of 13.46% and a net margin of 4.25%. The business had revenue of $890.05 million during the quarter, compared to analyst estimates of $943.79 million. During the same quarter in the previous year, the firm earned $0.27 EPS. Flowserve’s revenue was down 3.3% on a year-over-year basis. On average, equities analysts expect that Flowserve will post 2.18 EPS for the current fiscal year.

In other news, insider John Lenander sold 6,818 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $44.75, for a total transaction of $305,105.50. Following the completion of the transaction, the insider now directly owns 22,130 shares in the company, valued at approximately $990,317.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FLS. Norges Bank bought a new stake in Flowserve in the fourth quarter worth $33,517,000. Renaissance Technologies LLC bought a new stake in Flowserve in the first quarter worth $19,871,000. Morgan Stanley lifted its position in Flowserve by 218.7% in the third quarter. Morgan Stanley now owns 494,876 shares of the industrial products company’s stock worth $27,065,000 after buying an additional 339,612 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Flowserve by 20.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,816,759 shares of the industrial products company’s stock worth $82,009,000 after buying an additional 310,976 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its position in Flowserve by 10,159.9% in the third quarter. Federated Investors Inc. PA now owns 286,868 shares of the industrial products company’s stock worth $15,689,000 after buying an additional 284,072 shares during the last quarter.

Flowserve Company Profile

Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. The company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD).

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