Flowserve Co. Forecasted to Post Q3 2024 Earnings of $0.64 Per Share (NYSE:FLS)

Flowserve Co. (NYSE:FLS) – Equities researchers at Zacks Research boosted their Q3 2024 earnings per share estimates for Flowserve in a research report issued on Tuesday, October 15th. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $0.64 per share for the quarter, up from their previous forecast of $0.63. The consensus estimate for Flowserve’s current full-year earnings is $2.76 per share. Zacks Research also issued estimates for Flowserve’s FY2024 earnings at $2.71 EPS, Q3 2025 earnings at $0.74 EPS, Q4 2025 earnings at $0.96 EPS, FY2025 earnings at $3.01 EPS and Q3 2026 earnings at $0.86 EPS.

Flowserve (NYSE:FLS) last announced its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. 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 16.74% and a net margin of 5.67%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share.

Other equities research analysts have also issued research reports about the company. Bank of America reissued a “buy” rating and issued a $60.00 target price on shares of Flowserve in a research report on Tuesday, September 24th. TD Cowen lifted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Stifel Nicolaus boosted their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada boosted their target price on Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.44.

Flowserve Price Performance

Shares of FLS opened at $54.89 on Wednesday. Flowserve has a 1 year low of $35.31 and a 1 year high of $55.37. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The stock has a market cap of $7.23 billion, a P/E ratio of 31.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The stock’s 50-day moving average price is $49.14 and its two-hundred day moving average price is $48.48.

Hedge Funds Weigh In On Flowserve

A number of institutional investors have recently modified their holdings of FLS. Signaturefd LLC increased its holdings in Flowserve by 185.9% in the 2nd quarter. Signaturefd LLC now owns 569 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 370 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Flowserve in the second quarter valued at about $34,000. GAMMA Investing LLC boosted its position in shares of Flowserve by 166.0% during the 2nd quarter. GAMMA Investing LLC now owns 987 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 616 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Flowserve during the 2nd quarter valued at about $70,000. Finally, Daiwa Securities Group Inc. bought a new position in Flowserve in the first quarter worth approximately $87,000. Institutional investors and hedge funds own 93.93% of the company’s stock.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.53%. Flowserve’s payout ratio is 47.46%.

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.