Flowserve Corporation (FLS) Receives “Hold” Rating from Boenning Scattergood

Flowserve Corporation (NYSE:FLS)‘s stock had its “hold” rating reissued by research analysts at Boenning Scattergood in a report issued on Thursday.

Several other brokerages have also recently weighed in on FLS. Susquehanna Bancshares Inc upgraded Flowserve Corporation from a “neutral” rating to a “positive” rating and reduced their price target for the company from $50.00 to $46.00 in a research report on Tuesday, August 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $47.00 price target (down from $56.00) on shares of Flowserve Corporation in a research report on Friday, July 28th. Cowen and Company reiterated a “buy” rating and issued a $50.00 price target on shares of Flowserve Corporation in a research report on Thursday, August 10th. Zacks Investment Research cut Flowserve Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, BidaskClub upgraded Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $47.55.

Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.03. The company had revenue of $883.38 million during the quarter, compared to analysts’ expectations of $871.20 million. Flowserve Corporation had a return on equity of 13.32% and a net margin of 2.68%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share.

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Large investors have recently modified their holdings of the stock. Verition Fund Management LLC boosted its stake in Flowserve Corporation by 2.5% during the 2nd quarter. Verition Fund Management LLC now owns 5,232 shares of the industrial products company’s stock worth $243,000 after purchasing an additional 126 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new stake in Flowserve Corporation during the 2nd quarter worth $840,000. GAM Holding AG boosted its stake in Flowserve Corporation by 2.4% during the 2nd quarter. GAM Holding AG now owns 56,822 shares of the industrial products company’s stock worth $2,638,000 after purchasing an additional 1,306 shares during the period. Legal & General Group Plc boosted its stake in Flowserve Corporation by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 649,800 shares of the industrial products company’s stock worth $30,170,000 after purchasing an additional 18,039 shares during the period. Finally, Bank of America Corp DE boosted its stake in Flowserve Corporation by 21.1% during the 1st quarter. Bank of America Corp DE now owns 530,492 shares of the industrial products company’s stock worth $25,686,000 after purchasing an additional 92,488 shares during the period.

About Flowserve Corporation

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

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