Flowserve Corporation (FLS) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets cut shares of Flowserve Corporation (NYSE:FLS) from an outperform rating to a market perform rating in a research note published on Friday morning, MarketBeat.com reports. They currently have $41.00 target price on the industrial products company’s stock, down from their prior target price of $51.00.

FLS has been the topic of a number of other reports. Cowen and Company reissued a buy rating and issued a $55.00 price target on shares of Flowserve Corporation in a report on Friday, July 28th. Robert W. Baird reaffirmed a hold rating and set a $43.00 price objective on shares of Flowserve Corporation in a report on Wednesday, October 4th. Boenning Scattergood reaffirmed a hold rating on shares of Flowserve Corporation in a report on Thursday. Stifel Nicolaus reaffirmed a buy rating and set a $49.00 price objective on shares of Flowserve Corporation in a report on Tuesday, October 17th. Finally, Wolfe Research raised Flowserve Corporation from an underperform rating to a market perform rating and set a $38.00 price objective on the stock in a report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company has an average rating of Hold and an average target price of $44.27.

Flowserve Corporation (NYSE:FLS) traded up $0.83 during mid-day trading on Friday, hitting $40.08. The stock had a trading volume of 1,279,235 shares, compared to its average volume of 1,690,235. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.30 and a current ratio of 2.12. The stock has a market capitalization of $5,127.42, a PE ratio of 25.16, a PEG ratio of 3.21 and a beta of 1.55.

Flowserve Corporation (NYSE:FLS) last posted its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.37 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.03. Flowserve Corporation had a return on equity of 12.09% and a net margin of 4.58%. The company had revenue of $883.38 million for the quarter, compared to analysts’ expectations of $871.20 million. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s revenue was down 6.6% compared to the same quarter last year. equities analysts predict that Flowserve Corporation will post 1.36 earnings per share for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of FLS. EdgePoint Investment Group Inc. grew its position in shares of Flowserve Corporation by 22.2% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 6,307,455 shares of the industrial products company’s stock worth $292,855,000 after buying an additional 1,146,084 shares in the last quarter. Pictet Asset Management Ltd. lifted its stake in shares of Flowserve Corporation by 78.5% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,339,145 shares of the industrial products company’s stock worth $99,624,000 after purchasing an additional 1,028,684 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Flowserve Corporation by 171.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,478,771 shares of the industrial products company’s stock worth $68,660,000 after purchasing an additional 934,354 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Flowserve Corporation by 2,307.4% during the 2nd quarter. Janus Henderson Group PLC now owns 582,937 shares of the industrial products company’s stock worth $27,066,000 after purchasing an additional 558,723 shares during the last quarter. Finally, Honeywell International Inc. purchased a new stake in shares of Flowserve Corporation during the 3rd quarter worth $22,700,000.

Flowserve Corporation Company Profile

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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