Flowserve Corp. (FLS) Sees Large Volume Increase
Flowserve Corp. (NYSE:FLS) saw unusually-high trading volume on Friday . Approximately 1,431,213 shares traded 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 topic of several research analyst reports. BMO Capital Markets initiated coverage on Flowserve Corp. in a research note on Tuesday, April 5th. They set a “market perform” rating and a $44.00 price target on the stock. Nomura Holdings Inc. downgraded Flowserve Corp. from a “neutral” rating to a “reduce” rating and set a $38.00 price target on the stock. in a research note on Monday, April 4th. Robert W. Baird reiterated a “hold” rating on shares of Flowserve Corp. in a research note on Monday, May 2nd. Stifel Nicolaus upped their target price on Flowserve Corp. from $51.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, May 2nd. Finally, Susquehanna upped their target price on Flowserve Corp. from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 6th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Flowserve Corp. has an average rating of “Hold” and an average target price of €62.18 ($69.09).
The firm has a 50-day moving average price of $48.02 and a 200-day moving average price of $44.04. The firm has a market capitalization of $5.97 billion and a P/E ratio of 21.80.
Flowserve Corp. (NYSE:FLS) last posted its earnings results on Thursday, April 28th. The company reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.04. During the same quarter in the prior year, the business earned $0.58 EPS. The firm earned $947.25 million during the quarter, compared to analyst estimates of $870.60 million. The business’s quarterly revenue was down 6.6% on a year-over-year basis. Equities analysts forecast that Flowserve Corp. will post $2.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 24th were given 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 was Wednesday, June 22nd.
Several hedge funds have recently bought and sold shares of FLS. Symons Capital Management Inc. purchased a new stake in Flowserve Corp. during the fourth quarter worth approximately $13,439,000. Edge Asset Management Inc. boosted its stake in Flowserve Corp. by 220.4% in the fourth quarter. Edge Asset Management Inc. now owns 411,663 shares of the company’s stock worth $17,323,000 after buying an additional 283,197 shares during the period. Sei Investments Co. boosted its stake in Flowserve Corp. by 853.0% in the fourth quarter. Sei Investments Co. now owns 225,755 shares of the company’s stock worth $9,500,000 after buying an additional 202,065 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 during the period. Finally, Marshall Wace LLP purchased a new stake 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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