Flowserve Corp. (FLS) Sees Unusually-High Trading Volume
Flowserve Corp. (NYSE:FLS) shares saw unusually-high trading volume on Friday . Approximately 1,431,213 shares changed hands during trading, a decline of 14% from the previous session’s volume of 1,657,647 shares.The stock last traded at $45.70 and had previously closed at $44.95.
FLS has been the subject of several recent analyst reports. KeyCorp initiated coverage on shares of Flowserve Corp. in a research report on Tuesday, May 10th. They set a “sector weight” rating for the company. Nomura Holdings Inc. cut shares of Flowserve Corp. from a “neutral” rating to a “reduce” rating and set a $38.00 price objective for the company. in a research report on Monday, April 4th. Vetr cut shares of Flowserve Corp. from a “strong-buy” rating to a “buy” rating and set a $49.53 price objective for the company. in a research report on Wednesday, April 13th. BMO Capital Markets started coverage on shares of Flowserve Corp. in a research report on Tuesday, April 5th. They set a “market perform” rating and a $44.00 price target for the company. Finally, Susquehanna lifted their price target on shares of Flowserve Corp. from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, April 6th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Flowserve Corp. has a consensus rating of “Hold” and an average target price of €62.18 ($69.09).
The company’s 50-day moving average is $47.99 and its 200-day moving average is $44.00. The firm has a market capitalization of $5.97 billion and a price-to-earnings ratio of 21.80.
Flowserve Corp. (NYSE:FLS) last released its earnings results on Thursday, April 28th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.04. The business had revenue of $947.25 million for the quarter, compared to the consensus estimate of $870.60 million. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS. On average, equities research analysts expect that Flowserve Corp. will post $2.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 8th. Stockholders of record on Friday, June 24th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, June 22nd.
Other hedge funds and institutional investors recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Flowserve Corp. by 42.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 637,842 shares of the company’s stock worth $26,842,000 after buying an additional 189,315 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Flowserve Corp. by 2.5% in the fourth quarter. BNP Paribas Arbitrage SA now owns 30,921 shares of the company’s stock worth $1,301,000 after buying an additional 754 shares in the last quarter. Stephens Inc. AR increased its position in Flowserve Corp. by 6.1% in the fourth quarter. Stephens Inc. AR now owns 39,718 shares of the company’s stock worth $1,671,000 after buying an additional 2,273 shares in the last quarter. I.G. Investment Management LTD. increased its position in Flowserve Corp. by 40.8% in the fourth quarter. I.G. Investment Management LTD. now owns 315,380 shares of the company’s stock worth $13,271,000 after buying an additional 91,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Flowserve Corp. during the fourth quarter worth approximately $7,752,000.
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company operates through three segments: Engineered Product Division (EPD), Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs, manufactures, distributes and services engineered pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and related equipment.
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