Flowserve (FLS) Shares Gap Down to $47.75

Shares of Flowserve Corp (NYSE:FLS) gapped down before the market opened on Thursday . The stock had previously closed at $51.38, but opened at $47.75. Flowserve shares last traded at $46.36, with a volume of 3003260 shares changing hands.

A number of analysts have commented on the stock. Zacks Investment Research cut shares of Flowserve from a “buy” rating to a “hold” rating in a report on Tuesday, January 8th. Oppenheimer reaffirmed a “hold” rating on shares of Flowserve in a report on Sunday, November 11th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Flowserve in a report on Thursday, November 8th. ValuEngine raised shares of Flowserve from a “hold” rating to a “buy” rating in a report on Friday, February 15th. Finally, Robert W. Baird reduced their target price on shares of Flowserve from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $48.85.

The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.60 and a current ratio of 2.24. The company has a market capitalization of $6.18 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 1.07 and a beta of 1.69.

Flowserve (NYSE:FLS) last announced its quarterly earnings data on Wednesday, February 20th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.58. The firm had revenue of $986.90 million during the quarter, compared to analysts’ expectations of $1.06 billion. Flowserve had a negative net margin of 1.27% and a positive return on equity of 11.66%. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 earnings per share. As a group, analysts anticipate that Flowserve Corp will post 1.75 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in FLS. Massachusetts Financial Services Co. MA increased its stake in shares of Flowserve by 105.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 896,674 shares of the industrial products company’s stock worth $49,039,000 after purchasing an additional 459,453 shares in the last quarter. 1060 Capital LLC purchased a new stake in shares of Flowserve in the third quarter worth $19,142,000. Morgan Stanley increased its stake in shares of Flowserve by 218.7% in the third quarter. Morgan Stanley now owns 494,876 shares of the industrial products company’s stock worth $27,065,000 after purchasing an additional 339,612 shares in the last quarter. Federated Investors Inc. PA boosted its position in shares of Flowserve by 10,159.9% during the third quarter. Federated Investors Inc. PA now owns 286,868 shares of the industrial products company’s stock worth $15,689,000 after acquiring an additional 284,072 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Flowserve by 2.8% during the fourth quarter. BlackRock Inc. now owns 8,529,554 shares of the industrial products company’s stock worth $324,295,000 after acquiring an additional 231,352 shares during the last quarter.

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About Flowserve (NYSE:FLS)

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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