Flowserve Corporation (NYSE:FLS) Sees Large Decline in Short Interest

Flowserve Corporation (NYSE:FLS - Get Free Report) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 2,430,000 shares, a decrease of 27.9% from the May 15th total of 3,370,000 shares. Based on an average trading volume of 1,870,000 shares, the short-interest ratio is currently 1.3 days. Currently, 1.9% of the shares of the stock are sold short.

Flowserve Trading Down 1.0%

NYSE FLS traded down $0.47 during mid-day trading on Friday, reaching $45.97. 3,321,454 shares of the stock were exchanged, compared to its average volume of 1,424,177. Flowserve has a 1-year low of $37.34 and a 1-year high of $65.08. The business's fifty day simple moving average is $47.25 and its 200 day simple moving average is $52.88. The stock has a market capitalization of $6.01 billion, a PE ratio of 21.48, a PEG ratio of 1.06 and a beta of 1.26. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.46 and a current ratio of 2.07.

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, topping analysts' consensus estimates of $0.59 by $0.13. Flowserve had a net margin of 6.12% and a return on equity of 17.68%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business earned $0.58 earnings per share. Flowserve's revenue was up 5.2% compared to the same quarter last year. On average, research analysts anticipate that Flowserve will post 3.18 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, June 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.83%. Flowserve's dividend payout ratio (DPR) is currently 39.25%.

Institutional Trading of Flowserve

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Flowserve by 185.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 30,869 shares of the industrial products company's stock valued at $1,770,000 after purchasing an additional 20,053 shares during the last quarter. Van ECK Associates Corp acquired a new position in shares of Flowserve in the 4th quarter valued at $5,831,000. Capital Performance Advisors LLP boosted its holdings in shares of Flowserve by 64.0% in the 4th quarter. Capital Performance Advisors LLP now owns 3,506 shares of the industrial products company's stock valued at $202,000 after purchasing an additional 1,368 shares during the last quarter. CIBC Asset Management Inc acquired a new position in shares of Flowserve in the 4th quarter valued at $234,000. Finally, Truist Financial Corp lifted its holdings in shares of Flowserve by 32.3% during the 4th quarter. Truist Financial Corp now owns 21,534 shares of the industrial products company's stock valued at $1,239,000 after acquiring an additional 5,262 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of Flowserve from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Baird R W upgraded shares of Flowserve from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Wall Street Zen upgraded shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Royal Bank Of Canada increased their price target on shares of Flowserve from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Mizuho set a $60.00 price target on shares of Flowserve in a research report on Friday, May 16th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $63.00.

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.