FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, has reached a new 52-week high, with its stock price soaring to $62.33. With a market capitalization of $8.2 billion, the company has demonstrated strong momentum, as confirmed by InvestingPro data showing a robust price momentum score of 4.01 out of 5. This milestone underscores a period of significant growth for the company, reflecting a substantial 57.41% change over the past year. Investors have shown increased confidence in Flowserve's strategic initiatives and market position, supported by an 8.3% revenue growth and consistent dividend payments maintained for 18 consecutive years. The achievement of this 52-week high marks a noteworthy moment for Flowserve as it continues to navigate the competitive landscape with a healthy current ratio of 1.99 and moderate debt levels. Discover more insights about FLS and 1,400+ other stocks with comprehensive Pro Research Reports available on InvestingPro.
In other recent news, Flowserve Corp . has been making significant strides. TD Cowen raised its stock price target for Flowserve to $75, maintaining a Buy rating. This decision comes as Flowserve continues to capitalize on a strong backlog of orders and embarks on an optimization phase expected to further drive margins. RBC Capital also raised the stock price target for WESCO to $212, anticipating 2025 EPS guidance in the range of $13.50 to $15.50.
Flowserve Corporation maintained its 18-year dividend payment history with a quarterly cash dividend of $0.21 per share. The company reported a year-over-year increase in revenues by 3.5%, reaching $1.1 billion in the third quarter. Adjusted earnings per share also grew by 24% to $0.62. Analyst firms Jefferies and Goldman Sachs provided noteworthy assessments. Jefferies maintained its Buy rating on Flowserve, projecting a potential increase in earnings to approximately $5 per share by 2027. Goldman Sachs upgraded Flowserve to Neutral, acknowledging the company's significant operational improvements and growth outlook for its end markets.
Flowserve's recent advancements include the successful integration of MOGAS Industries, expected to enhance product offerings and generate $15 million in cost synergies. The company also anticipates continued growth in power markets, with nearly 30% growth in power bookings year-over-year. These are among the recent developments for Flowserve and WESCO.
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