Flowserve (NYSE:FLS) Sets New 12-Month High – Here’s Why

Flowserve Corporation (NYSE:FLS)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $78.89 and last traded at $78.56, with a volume of 365534 shares. The stock had previously closed at $78.15.

Analyst Upgrades and Downgrades

FLS has been the topic of several analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Flowserve in a research report on Tuesday, November 4th. UBS Group lifted their price objective on shares of Flowserve from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. The Goldman Sachs Group increased their target price on shares of Flowserve from $71.00 to $80.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Royal Bank Of Canada restated an “outperform” rating and set a $83.00 price target on shares of Flowserve in a report on Thursday, January 15th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $73.00 price objective (up from $60.00) on shares of Flowserve in a research report on Friday, November 14th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.90.

Flowserve Trading Up 1.4%

The firm has a 50 day moving average of $72.87 and a 200 day moving average of $62.33. The firm has a market cap of $10.07 billion, a PE ratio of 23.04, a P/E/G ratio of 1.39 and a beta of 1.29. The company has a quick ratio of 1.54, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Flowserve Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Friday, December 26th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, December 26th. Flowserve’s payout ratio is presently 24.42%.

Insider Activity

In related news, insider Susan Claire Hudson sold 10,667 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $70.01, for a total value of $746,796.67. Following the sale, the insider owned 6,589 shares in the company, valued at approximately $461,295.89. This trade represents a 61.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lamar L. Duhon sold 1,609 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $69.51, for a total value of $111,841.59. Following the transaction, the insider owned 15,116 shares of the company’s stock, valued at approximately $1,050,713.16. The trade was a 9.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 59,276 shares of company stock worth $4,196,578. 0.76% of the stock is owned by company insiders.

Institutional Trading of Flowserve

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake in Flowserve by 3.9% in the third quarter. EverSource Wealth Advisors LLC now owns 4,181 shares of the industrial products company’s stock valued at $222,000 after purchasing an additional 157 shares in the last quarter. Parallel Advisors LLC grew its stake in Flowserve by 20.1% in the 3rd quarter. Parallel Advisors LLC now owns 968 shares of the industrial products company’s stock worth $51,000 after buying an additional 162 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Flowserve by 24.4% in the 3rd quarter. IFP Advisors Inc now owns 830 shares of the industrial products company’s stock worth $46,000 after buying an additional 163 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in shares of Flowserve by 0.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 44,128 shares of the industrial products company’s stock valued at $2,345,000 after buying an additional 200 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its holdings in shares of Flowserve by 0.7% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 27,300 shares of the industrial products company’s stock worth $1,456,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

Flowserve Company Profile

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.