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

Flowserve (NYSE:FLS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, April 11th.

According to Zacks, “Flowserve’s leading position in the flow control industry, a resilient aftermarket business, diligent restructuring plans and geographical diversity are expected to lend momentum to its growth. Flowserve is set to benefit from rising short-cycle investments as client spending improves, driven by improved macroeconomic environment, stable oil prices, improving regulatory conditions in the U.S. and the recent tax reforms. In addition, increased project bidding activities in the energy markets signal brighter days, going forward. However, Flowserve has been suffering from precipitous top-line decline in recent quarters. Also, pricing pressure has proved to be a major drag on the top-line performance. In addition, loss of sales leverage and related under-absorption has been hurting the company’s profitability. The company’s shares have underperformed the industry over the past year.”

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A number of other research firms have also recently commented on FLS. Royal Bank of Canada upgraded Flowserve from an “underperform” rating to a “sector perform” rating in a research note on Tuesday, February 20th. Stifel Nicolaus reduced their price objective on Flowserve from $47.00 to $44.00 and set a “hold” rating for the company in a research note on Tuesday, February 20th. Finally, Robert W. Baird restated a “hold” rating and issued a $45.00 price objective on shares of Flowserve in a research note on Friday, December 15th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $43.67.

NYSE:FLS opened at $47.03 on Wednesday. The firm has a market cap of $6,049.40, a P/E ratio of 34.40, a P/E/G ratio of 1.44 and a beta of 1.45. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.35 and a current ratio of 2.06. Flowserve has a fifty-two week low of $37.51 and a fifty-two week high of $51.92.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.02). Flowserve had a positive return on equity of 10.36% and a negative net margin of 0.04%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company posted $1.14 EPS. Flowserve’s quarterly revenue was down 3.4% compared to the same quarter last year. sell-side analysts forecast that Flowserve will post 1.65 EPS for the current year.

A number of institutional investors have recently made changes to their positions in FLS. Nationwide Fund Advisors raised its position in Flowserve by 11.6% in the third quarter. Nationwide Fund Advisors now owns 49,927 shares of the industrial products company’s stock valued at $2,126,000 after purchasing an additional 5,200 shares during the period. New York State Common Retirement Fund raised its position in Flowserve by 6.6% in the third quarter. New York State Common Retirement Fund now owns 447,177 shares of the industrial products company’s stock valued at $19,045,000 after purchasing an additional 27,688 shares during the period. Schwab Charles Investment Management Inc. raised its position in Flowserve by 2.1% in the third quarter. Schwab Charles Investment Management Inc. now owns 657,520 shares of the industrial products company’s stock valued at $28,004,000 after purchasing an additional 13,817 shares during the period. Dimensional Fund Advisors LP raised its position in Flowserve by 12.9% in the third quarter. Dimensional Fund Advisors LP now owns 730,254 shares of the industrial products company’s stock valued at $31,101,000 after purchasing an additional 83,660 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Flowserve by 4.4% in the third quarter. Envestnet Asset Management Inc. now owns 50,513 shares of the industrial products company’s stock valued at $2,150,000 after purchasing an additional 2,135 shares during the period.

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About Flowserve

Flowserve Corporation designs, 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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