Flowserve Corporation (NYSE:FLS) Hits New 1-Year Low at $39.09

Flowserve Corporation (NYSE:FLS)’s share price reached a new 52-week low during trading on Wednesday . The company traded as low as $39.09 and last traded at $39.07, with a volume of 736,431 shares. The stock had previously closed at $39.84.

A number of equities analysts have recently commented on the stock. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Flowserve Corporation in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Flowserve Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Cowen and Company restated a “buy” rating and set a $50.00 price objective on shares of Flowserve Corporation in a research note on Thursday, August 10th. Susquehanna Bancshares Inc upgraded shares of Flowserve Corporation from a “neutral” rating to a “positive” rating and reduced their price objective for the stock from $50.00 to $46.00 in a research note on Tuesday. Finally, UBS AG upgraded shares of Flowserve Corporation from a “neutral” rating to a “positive” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $48.36.

The firm’s 50-day moving average is $43.46 and its 200-day moving average is $46.92. The company has a market cap of $4.98 billion, a PE ratio of 47.65 and a beta of 1.46.

Flowserve Corporation (NYSE:FLS) last announced its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.21. The business had revenue of $877 million for the quarter, compared to analysts’ expectations of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Equities analysts anticipate that Flowserve Corporation will post $1.43 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the stock. Huntington National Bank boosted its stake in shares of Flowserve Corporation by 28.0% in the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after buying an additional 480 shares during the last quarter. Creative Planning boosted its stake in shares of Flowserve Corporation by 6.2% in the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after buying an additional 141 shares during the last quarter. Harbour Capital Advisors LLC acquired a new stake in shares of Flowserve Corporation during the first quarter worth approximately $116,000. Federated Investors Inc. PA boosted its stake in shares of Flowserve Corporation by 1.8% in the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after buying an additional 46 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its stake in shares of Flowserve Corporation by 41.2% in the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock worth $120,000 after buying an additional 756 shares during the last quarter.

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About Flowserve Corporation

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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