Flowserve Corp. (FLS) Sees Strong Trading Volume
Flowserve Corp. (NYSE:FLS) saw an uptick in trading volume on Thursday . 4,035,920 shares were traded during mid-day trading, an increase of 93% from the previous session’s volume of 2,088,769 shares.The stock last traded at $48.60 and had previously closed at $47.71.
A number of equities research analysts have recently weighed in on the stock. Jefferies Group restated a “buy” rating on shares of Flowserve Corp. in a report on Saturday, April 30th. KeyCorp assumed coverage on shares of Flowserve Corp. in a report on Tuesday, May 10th. They issued a “sector weight” rating for the company. 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 report on Wednesday, April 13th. Susquehanna boosted their price objective on shares of Flowserve Corp. from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, April 6th. Finally, Stifel Nicolaus boosted their price objective on shares of Flowserve Corp. from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 2nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of €62.18 ($68.33).
The stock’s 50-day moving average price is $48.11 and its 200 day moving average price is $44.19. The company has a market cap of $6.34 billion and a price-to-earnings ratio of 23.14.
Flowserve Corp. (NYSE:FLS) last posted its earnings results on Thursday, April 28th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.04. The business earned $947.25 million during the quarter, compared to the consensus estimate of $870.60 million. Flowserve Corp.’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.58 EPS. On average, analysts predict that Flowserve Corp. will post $2.50 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 24th were paid a $0.19 dividend. The ex-dividend date was Wednesday, June 22nd. This represents a $0.76 annualized dividend and a yield of 1.56%.
Several large investors have modified their holdings of the company. Edge Asset Management Inc. raised its stake in shares of 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 last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 last quarter. Marshall Wace LLP acquired a new stake in shares of Flowserve Corp. during the fourth quarter worth $7,752,000. Golub Group LLC raised its stake in shares of Flowserve Corp. by 24.9% in the fourth quarter. Golub Group LLC now owns 898,666 shares of the company’s stock worth $37,816,000 after buying an additional 179,174 shares during the last quarter. Finally, EdgePoint Investment Group Inc. raised its stake in shares of Flowserve Corp. by 3.7% in the fourth quarter. EdgePoint Investment Group Inc. now owns 4,760,491 shares of the company’s stock worth $200,321,000 after buying an additional 170,203 shares during the last quarter.
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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