Flowserve (NYSE:FLS) Sees Large Volume Increase - Here's What Happened

Flowserve Corporation (NYSE:FLS - Get Free Report) saw an uptick in trading volume on Friday . 3,867,994 shares were traded during mid-day trading, an increase of 163% from the previous session's volume of 1,471,911 shares.The stock last traded at $53.89 and had previously closed at $51.67.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Baird R W raised Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Robert W. Baird dropped their price target on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen upgraded Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Finally, Royal Bank Of Canada raised their price target on shares of Flowserve from $49.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Flowserve currently has an average rating of "Buy" and an average target price of $63.00.

Flowserve Trading Up 2.9%

The firm has a market capitalization of $6.95 billion, a P/E ratio of 24.85, a P/E/G ratio of 1.11 and a beta of 1.26. The company has a current ratio of 2.07, a quick ratio of 1.46 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $47.76 and a 200-day simple moving average of $52.59.

Flowserve (NYSE:FLS - Get Free Report) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.13. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.11 billion. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.58 earnings per share. On average, equities research analysts forecast that Flowserve Corporation will post 3.18 EPS for the current fiscal year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.58%. The ex-dividend date is Friday, June 27th. Flowserve's dividend payout ratio is presently 39.25%.

Institutional Investors Weigh In On Flowserve

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its holdings in Flowserve by 63.7% during the first quarter. Voya Investment Management LLC now owns 695,513 shares of the industrial products company's stock worth $33,969,000 after buying an additional 270,608 shares during the period. Inspire Investing LLC boosted its position in Flowserve by 1.2% in the 1st quarter. Inspire Investing LLC now owns 45,960 shares of the industrial products company's stock worth $2,245,000 after purchasing an additional 526 shares in the last quarter. Strs Ohio acquired a new position in shares of Flowserve in the first quarter worth about $1,703,000. Acadian Asset Management LLC boosted its stake in shares of Flowserve by 266.9% during the 1st quarter. Acadian Asset Management LLC now owns 192,970 shares of the industrial products company's stock worth $9,421,000 after acquiring an additional 140,380 shares in the last quarter. Finally, SageView Advisory Group LLC increased its stake in shares of Flowserve by 55.6% in the 1st quarter. SageView Advisory Group LLC now owns 7,000 shares of the industrial products company's stock valued at $342,000 after purchasing an additional 2,500 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

About Flowserve

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.

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