Flowserve Co. (NYSE:FLS) Expected to Announce Earnings of $0.21 Per Share

Brokerages forecast that Flowserve Co. (NYSE:FLSGet Rating) will post earnings of $0.21 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Flowserve’s earnings, with estimates ranging from $0.19 to $0.24. Flowserve reported earnings of $0.28 per share during the same quarter last year, which suggests a negative year over year growth rate of 25%. The business is expected to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Flowserve will report full year earnings of $1.77 per share for the current fiscal year, with EPS estimates ranging from $1.70 to $1.82. For the next fiscal year, analysts forecast that the firm will post earnings of $2.29 per share, with EPS estimates ranging from $2.16 to $2.48. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Flowserve.

Flowserve (NYSE:FLSGet Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The industrial products company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.03). The business had revenue of $919.46 million for the quarter, compared to the consensus estimate of $956.08 million. Flowserve had a net margin of 3.56% and a return on equity of 10.15%. Flowserve’s revenue was down 6.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 EPS.

FLS has been the subject of several analyst reports. Credit Suisse Group decreased their target price on Flowserve from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, February 25th. StockNews.com assumed coverage on Flowserve in a report on Thursday, March 31st. They set a “hold” rating on the stock. Mizuho raised Flowserve from a “neutral” rating to a “buy” rating and upped their price objective for the company from $34.00 to $35.00 in a report on Friday, February 25th. Finally, Morgan Stanley upped their price objective on Flowserve from $32.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 7th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $39.57.

Shares of NYSE FLS traded up $0.85 during midday trading on Thursday, reaching $35.45. 1,185,813 shares of the company traded hands, compared to its average volume of 1,635,199. The stock’s 50-day simple moving average is $33.34 and its 200-day simple moving average is $33.05. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 2.11. Flowserve has a 12 month low of $28.15 and a 12 month high of $44.39. The firm has a market cap of $4.62 billion, a PE ratio of 36.53, a PEG ratio of 1.15 and a beta of 1.64.

The company also recently announced a quarterly dividend, which was paid on Friday, April 8th. Investors of record on Friday, March 25th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Thursday, March 24th. Flowserve’s payout ratio is 82.47%.

A number of institutional investors have recently bought and sold shares of FLS. BlackRock Inc. grew its position in Flowserve by 0.9% during the fourth quarter. BlackRock Inc. now owns 10,704,548 shares of the industrial products company’s stock worth $327,559,000 after buying an additional 99,467 shares during the period. Nordea Investment Management AB acquired a new stake in Flowserve during the 1st quarter valued at $182,253,000. State Street Corp grew its holdings in Flowserve by 3.3% during the 4th quarter. State Street Corp now owns 3,385,643 shares of the industrial products company’s stock valued at $104,271,000 after purchasing an additional 107,198 shares in the last quarter. Millennium Management LLC boosted its stake in Flowserve by 106.5% during the 4th quarter. Millennium Management LLC now owns 2,286,258 shares of the industrial products company’s stock valued at $69,959,000 after acquiring an additional 1,179,093 shares during the last quarter. Finally, Turtle Creek Asset Management Inc. lifted its position in shares of Flowserve by 21.2% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 2,109,157 shares of the industrial products company’s stock worth $64,540,000 after buying an additional 368,345 shares during the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

About Flowserve (Get Rating)

Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through the following segments: Flowserve Pumps Division and Flow Control Division. The Flowserve Pumps Division segment provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services.

Read More

Get a free copy of the Zacks research report on Flowserve (FLS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Flowserve (NYSE:FLS)

Receive News & Ratings for Flowserve Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flowserve and related companies with MarketBeat.com's FREE daily email newsletter.