Flowserve (NYSE:FLS – Get Free Report) released its earnings results on Monday. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.10, RTT News reports. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. Flowserve’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Flowserve updated its FY 2024 guidance to 2.600-2.750 EPS and its FY24 guidance to $2.60-2.75 EPS.
Flowserve Trading Down 3.3 %
NYSE:FLS opened at $49.23 on Wednesday. The company has a market cap of $6.48 billion, a P/E ratio of 27.81, a P/E/G ratio of 1.32 and a beta of 1.42. The stock’s fifty day moving average price is $48.55 and its two-hundred day moving average price is $45.98. Flowserve has a 1 year low of $35.31 and a 1 year high of $52.09. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.88 and a quick ratio of 1.28.
Flowserve Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.21 per share. The ex-dividend date was Friday, June 28th. This represents a $0.84 annualized dividend and a dividend yield of 1.71%. Flowserve’s dividend payout ratio is currently 47.46%.
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Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on FLS shares. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a report on Monday. Stifel Nicolaus increased their price objective on Flowserve from $55.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, July 18th. UBS Group increased their price objective on Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Bank of America increased their price objective on Flowserve from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. Finally, TD Cowen increased their price objective on Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.36.
View Our Latest Stock Report on FLS
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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