Flowserve (NYSE:FLS) Issues Earnings Results

Flowserve (NYSE:FLS) posted its earnings results on Monday. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10, RTT News reports. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. Flowserve’s revenue was up 7.1% on a year-over-year basis. Flowserve updated its FY 2024 guidance to 2.600-2.750 EPS and its FY24 guidance to $2.60-2.75 EPS.

Flowserve Trading Up 2.7 %

FLS traded up $1.32 on Wednesday, hitting $50.55. The company had a trading volume of 1,849,104 shares, compared to its average volume of 1,061,093. The company has a current ratio of 1.88, a quick ratio of 1.28 and a debt-to-equity ratio of 0.58. The firm has a market cap of $6.65 billion, a P/E ratio of 28.68, a PEG ratio of 1.32 and a beta of 1.42. The company’s fifty day moving average price is $48.55 and its 200 day moving average price is $45.98. Flowserve has a 1 year low of $35.31 and a 1 year high of $52.09.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.66%. Flowserve’s dividend payout ratio is presently 47.46%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. TD Cowen raised their price objective on shares of Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Bank of America raised their target price on shares of Flowserve from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho reissued a “buy” rating and set a $53.00 target price (up from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, UBS Group boosted their target price on Flowserve from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.09.

Insider Activity at Flowserve

In related news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the transaction, the chief executive officer now owns 407,243 shares in the company, valued at approximately $20,354,005.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by company insiders.

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.