Flowserve Corporation (NYSE:FLS) Short Interest Update

Key Points

• Flowserve Corporation experienced a 29.9% decrease in short interest in July, totaling 4,470,000 shares, which accounts for approximately 3.4% of its stock.
• Insider Kirk Wilson sold 10,000 shares of Flowserve at an average price of $53.22, reducing his ownership by 21.19%.
• The company announced a quarterly dividend of $0.21 per share, with an annualized yield of 1.6%, payable on October 10th.

Flowserve Corporation (NYSE:FLS - Get Free Report) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 4,470,000 shares, adeclineof29.9% from the July 15th total of 6,380,000 shares. Approximately3.4% of the shares of the company are short sold. Based on an average daily trading volume, of 2,730,000 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily trading volume, of 2,730,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately3.4% of the shares of the company are short sold.

Insider Transactions at Flowserve

In other Flowserve news, insider Kirk Wilson sold 10,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. Following the sale, the insider owned 37,196 shares of the company's stock, valued at $1,979,571.12. The trade was a 21.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.76% of the stock is owned by company insiders.

Institutional Trading of Flowserve

A number of hedge funds have recently modified their holdings of FLS. Boston Partners acquired a new stake in shares of Flowserve in the 2nd quarter valued at approximately $223,561,000. Nuveen LLC acquired a new stake in shares of Flowserve in the 1st quarter valued at approximately $111,598,000. Norges Bank acquired a new stake in shares of Flowserve in the 2nd quarter valued at approximately $88,247,000. Driehaus Capital Management LLC raised its position in shares of Flowserve by 307.1% in the 4th quarter. Driehaus Capital Management LLC now owns 1,888,917 shares of the industrial products company's stock valued at $108,651,000 after acquiring an additional 1,424,948 shares during the period. Finally, Third Point LLC acquired a new stake in shares of Flowserve in the 2nd quarter valued at approximately $62,558,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Flowserve Price Performance

NYSE FLS traded up $1.4470 on Friday, hitting $53.4270. 1,129,858 shares of the company were exchanged, compared to its average volume of 2,587,389. The firm has a 50 day moving average of $52.60 and a two-hundred day moving average of $50.65. The company has a market cap of $6.99 billion, a P/E ratio of 24.18, a P/E/G ratio of 1.11 and a beta of 1.28. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. Flowserve has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.13. Flowserve had a net margin of 6.28% and a return on equity of 18.25%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, equities analysts predict that Flowserve will post 3.18 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 26th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, September 26th. Flowserve's dividend payout ratio (DPR) is currently 38.01%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FLS shares. Mizuho set a $60.00 price target on shares of Flowserve in a report on Friday, May 16th. Royal Bank Of Canada upped their target price on shares of Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Robert W. Baird lowered their target price on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Citigroup upped their target price on shares of Flowserve from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $65.78.

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.