By otakuyassine3@gmail.com 
Flowserve Co. (NYSE:FLS – Get Free Report) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $63.10, but opened at $57.68. Flowserve shares last traded at $58.31, with a volume of 488,665 shares.
The industrial products company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Flowserve had a return on equity of 17.11% and a net margin of 6.20%.
Flowserve Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.46%. Flowserve’s dividend payout ratio is presently 39.25%.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on FLS shares. TD Cowen boosted their target price on Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Bank of America boosted their price objective on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com cut Flowserve from a “buy” rating to a “hold” rating in a report on Thursday. Stifel Nicolaus boosted their price objective on Flowserve from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Mizuho boosted their price objective on Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve currently has an average rating of “Moderate Buy” and a consensus target price of $68.60.
Read Our Latest Research Report on Flowserve
Institutional Trading of Flowserve
Several institutional investors have recently made changes to their positions in FLS. State Street Corp lifted its holdings in Flowserve by 1.0% in the 3rd quarter. State Street Corp now owns 3,886,111 shares of the industrial products company’s stock worth $201,685,000 after buying an additional 37,132 shares in the last quarter. Vestcor Inc acquired a new stake in shares of Flowserve in the third quarter valued at approximately $714,000. Stifel Financial Corp increased its stake in shares of Flowserve by 14.0% during the third quarter. Stifel Financial Corp now owns 244,139 shares of the industrial products company’s stock valued at $12,619,000 after acquiring an additional 29,979 shares during the period. Algert Global LLC increased its stake in shares of Flowserve by 130.3% during the third quarter. Algert Global LLC now owns 109,079 shares of the industrial products company’s stock valued at $5,638,000 after acquiring an additional 61,710 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Flowserve by 34.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,664,825 shares of the industrial products company’s stock worth $86,055,000 after buying an additional 422,141 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.
Flowserve Stock Performance
The company has a quick ratio of 1.39, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. The company’s 50-day simple moving average is $60.68 and its 200-day simple moving average is $55.70.
Flowserve Company Profile
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.
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