Flowserve Co. (NYSE:FLS) Sees Large Increase in Short Interest

Flowserve Co. (NYSE:FLSGet Rating) saw a significant growth in short interest in May. As of May 15th, there was short interest totalling 3,540,000 shares, a growth of 31.6% from the April 30th total of 2,690,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the short-interest ratio is presently 2.3 days. Approximately 2.7% of the shares of the stock are sold short.

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Flowserve by 0.5% during the first quarter. Vanguard Group Inc. now owns 12,415,131 shares of the industrial products company’s stock worth $445,703,000 after purchasing an additional 61,518 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Flowserve by 0.8% during the first quarter. BlackRock Inc. now owns 10,793,498 shares of the industrial products company’s stock worth $387,485,000 after purchasing an additional 88,950 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its stake in shares of Flowserve by 2.8% during the first quarter. Beutel Goodman & Co Ltd. now owns 6,308,365 shares of the industrial products company’s stock worth $226,470,000 after purchasing an additional 169,375 shares in the last quarter. Nordea Investment Management AB acquired a new position in shares of Flowserve during the first quarter worth about $182,253,000. Finally, Wellington Management Group LLP acquired a new position in shares of Flowserve during the first quarter worth about $163,840,000. Institutional investors own 97.65% of the company’s stock.

Several research firms have weighed in on FLS. StockNews.com began coverage on Flowserve in a research report on Thursday, March 31st. They set a “hold” rating for the company. Royal Bank of Canada decreased their price objective on Flowserve from $38.00 to $33.00 in a report on Wednesday, May 4th. Credit Suisse Group decreased their price objective on Flowserve from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Morgan Stanley raised their price objective on Flowserve from $32.00 to $40.00 and gave the stock an “equal weight” rating in a report on Thursday, April 7th. Finally, Stifel Nicolaus decreased their price objective on Flowserve from $42.00 to $35.00 in a report on Wednesday, May 4th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Flowserve presently has a consensus rating of “Buy” and a consensus target price of $38.44.

Flowserve stock traded down $0.22 during midday trading on Tuesday, reaching $31.47. The stock had a trading volume of 7,925 shares, compared to its average volume of 1,139,598. Flowserve has a twelve month low of $28.15 and a twelve month high of $44.39. The stock has a market capitalization of $4.11 billion, a PE ratio of 42.42, a price-to-earnings-growth ratio of 1.29 and a beta of 1.58. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.44 and a current ratio of 2.07. The stock’s 50-day simple moving average is $33.30 and its 200 day simple moving average is $32.38.

Flowserve (NYSE:FLSGet Rating) last issued its earnings results on Monday, May 2nd. The industrial products company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.14). Flowserve had a net margin of 2.74% and a return on equity of 8.57%. During the same period last year, the firm posted $0.28 earnings per share. Equities analysts predict that Flowserve will post 1.51 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 8th. Shareholders of record on Friday, June 24th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, June 23rd. Flowserve’s dividend payout ratio is presently 108.11%.

Flowserve Company Profile (Get Rating)

Flowserve Corporation designs, develops, manufactures, distributes, and services industrial flow management equipment in the United States, Europe, the Middle East, Africa, Asia, and internationally. It operates in two segments, Flowserve Pump Division (FPD) and Flow Control Division (FCD). The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket 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.

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