Flowserve Corp. (FLS) Shares Gap Up to $46.17
Flowserve Corp. (NYSE:FLS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $45.91, but opened at $46.17. Flowserve Corp. shares last traded at $47.82, with a volume of 1,960,813 shares traded.
Several brokerages have weighed in on FLS. Robert W. Baird reaffirmed a “hold” rating on shares of Flowserve Corp. in a research note on Monday, May 2nd. Stifel Nicolaus raised their price objective on shares of Flowserve Corp. from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, May 2nd. Jefferies Group reissued a “buy” rating on shares of Flowserve Corp. in a research note on Saturday, April 30th. KeyCorp started coverage on shares of Flowserve Corp. in a research note on Tuesday, May 10th. They issued a “sector weight” rating for the company. Finally, Vetr lowered 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 note on Wednesday, April 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of €62.18 ($68.33).
The firm has a 50 day moving average price of $48.08 and a 200-day moving average price of $44.13. The company has a market cap of $6.23 billion and a P/E ratio of 22.77.
Flowserve Corp. (NYSE:FLS) last issued its earnings results on Thursday, April 28th. The company reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The business earned $947.25 million during the quarter, compared to analysts’ expectations of $870.60 million. During the same quarter in the previous year, the company earned $0.58 earnings per share. Flowserve Corp.’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities analysts expect that Flowserve Corp. will post $2.51 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 24th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Wednesday, June 22nd.
Other hedge funds and institutional investors have modified their holdings of the company. Brown Advisory Inc. raised its position in shares of Flowserve Corp. by 1.4% in the fourth quarter. Brown Advisory Inc. now owns 26,446 shares of the company’s stock worth $1,113,000 after buying an additional 355 shares during the period. Aberdeen Asset Management PLC UK raised its position in shares of Flowserve Corp. by 25.4% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 26,025 shares of the company’s stock worth $1,118,000 after buying an additional 5,277 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of 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 during the period. Oregon Public Employees Retirement Fund raised its position in shares of Flowserve Corp. by 0.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 32,762 shares of the company’s stock worth $1,379,000 after buying an additional 200 shares during the period. Finally, Stephens Inc. AR raised its position in shares of 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 during the period.
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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