Flowserve Co. (NYSE:FLS – Get Rating) – Analysts at Jefferies Financial Group boosted their FY2023 earnings per share (EPS) estimates for shares of Flowserve in a research note issued to investors on Thursday, April 20th. Jefferies Financial Group analyst S. Boroditsky now forecasts that the industrial products company will post earnings per share of $1.70 for the year, up from their previous forecast of $1.66. The consensus estimate for Flowserve’s current full-year earnings is $1.68 per share. Jefferies Financial Group also issued estimates for Flowserve’s Q4 2023 earnings at $0.65 EPS, FY2024 earnings at $2.01 EPS and FY2025 earnings at $2.37 EPS.
Flowserve (NYSE:FLS – Get Rating) last posted its earnings results on Wednesday, February 22nd. The industrial products company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.43 by $0.20. Flowserve had a return on equity of 8.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 5.22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $0.45 EPS. Flowserve’s revenue was up 13.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on a year-over-year basis.
Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $30.00 price objective on shares of Flowserve in a research note on Thursday, February 23rd. Morgan Stanley upped their target price on Flowserve from $31.00 to $37.00 and gave the stock an “equal weight” rating in a report on Thursday, February 23rd. StockNews.com started coverage on Flowserve in a report on Thursday, March 16th. They set a “buy” rating on the stock. Bank of America upgraded Flowserve from a “neutral” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a report on Monday, January 30th. They noted that the move was a valuation call. Finally, TheStreet raised Flowserve from a “c” rating to a “b” rating in a research report on Tuesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.56.
Flowserve Stock Down 0.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
NYSE FLS opened at $33.27 on Friday. The stock has a fifty day moving average of $33.53 and a 200-day moving average of $31.53. The stock has a market capitalization of $4.36 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 0.93 and a beta of 1.61. Flowserve has a 52 week low of $23.89 and a 52 week high of $37.34. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.33 and a current ratio of 1.97.
Hedge Funds Weigh In On Flowserve
Several institutional investors and hedge funds have recently made changes to their positions in FLS. Envestnet Asset Management Inc. acquired a new position in shares of Flowserve in the first quarter valued at approximately $208,000. Raymond James & Associates grew its position in shares of Flowserve by 70.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. Raymond James & Associates now owns 113,597 shares of the industrial products company’s stock valued at $4,078,000 after purchasing an additional 47,032 shares during the last quarter. American Century Companies Inc. grew its position in shares of Flowserve by 15.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. American Century Companies Inc. now owns 14,896 shares of the industrial products company’s stock valued at $535,000 after purchasing an additional 1,950 shares during the last quarter. US Bancorp DE grew its position in shares of Flowserve by 11.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. US Bancorp DE now owns 8,139 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 807 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Flowserve by 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. Bank of Montreal Can now owns 159,979 shares of the industrial products company’s stock valued at $5,667,000 after purchasing an additional 4,900 shares during the last quarter. Institutional investors and hedge funds own 99.88{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
Flowserve Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, April 7th. Stockholders of record on Friday, March 24th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date of this dividend was Thursday, March 23rd. Flowserve’s payout ratio is 55.94{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Flowserve Company Profile
Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through Flowserve Pumps Division and Flow Control Division segments. The Flowserve Pumps Division provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts, and related services.
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