Flowserve (NYSE:FLS) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Flowserve Co. (NYSE:FLS) saw unusually-strong trading volume on Monday . Approximately 2,817,652 shares traded hands during trading, an increase of 132% from the previous session’s volume of 1,214,812 shares.The stock last traded at $38.25 and had previously closed at $43.60.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Royal Bank of Canada dropped their target price on shares of Flowserve from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Citigroup cut their price objective on Flowserve from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Mizuho raised their price target on Flowserve from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Stifel Nicolaus boosted their price objective on shares of Flowserve from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, TD Cowen upped their price objective on shares of Flowserve from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flowserve has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Flowserve Price Performance

The firm has a 50 day moving average of $54.35 and a two-hundred day moving average of $56.48. The company has a market cap of $5.26 billion, a PE ratio of 18.66, a P/E/G ratio of 1.35 and a beta of 1.22. The company has a current ratio of 1.97, a quick ratio of 1.39 and a debt-to-equity ratio of 0.71.

Flowserve (NYSE:FLS) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Research analysts predict that Flowserve Co. will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, March 28th. Flowserve’s payout ratio is 39.25%.

Hedge Funds Weigh In On Flowserve

A number of hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC increased its holdings in shares of Flowserve by 4,790.0% in the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 479 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Flowserve in the 3rd quarter worth about $29,000. Park Square Financial Group LLC bought a new position in Flowserve during the 4th quarter valued at about $33,000. Colonial Trust Co SC boosted its holdings in shares of Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 478 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Flowserve by 64.2% in the fourth quarter. UMB Bank n.a. now owns 711 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 278 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Company Profile

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.