Flowserve (NYSE:FLS) Reaches New 1-Year High – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on FLS. Wall Street Zen downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 28th. Zacks Research cut Flowserve from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Royal Bank Of Canada restated an “outperform” rating and issued a $83.00 price objective on shares of Flowserve in a report on Thursday, January 15th. UBS Group raised their price objective on shares of Flowserve from $65.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Citigroup boosted their target price on shares of Flowserve from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.90.

Flowserve Stock Performance

The company has a market cap of $10.15 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 1.42 and a beta of 1.29. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 1.54. The firm has a fifty day simple moving average of $73.45 and a 200 day simple moving average of $62.80.

Flowserve Announces Dividend

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

Insiders Place Their Bets

In other Flowserve news, insider Lamar L. Duhon sold 1,609 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $69.51, for a total value of $111,841.59. Following the sale, the insider owned 15,116 shares of the company’s stock, valued at $1,050,713.16. This trade represents a 9.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flowserve

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Strategic Family Wealth Counselors L.L.C. acquired a new position in Flowserve during the 4th quarter valued at $241,000. World Investment Advisors increased its holdings in shares of Flowserve by 6.9% during the 4th quarter. World Investment Advisors now owns 27,868 shares of the industrial products company’s stock worth $1,867,000 after purchasing an additional 1,792 shares during the period. First Eagle Investment Management LLC bought a new position in shares of Flowserve during the 4th quarter worth about $5,693,000. Swiss Life Asset Management Ltd raised its position in shares of Flowserve by 61.9% during the fourth quarter. Swiss Life Asset Management Ltd now owns 9,776 shares of the industrial products company’s stock valued at $678,000 after buying an additional 3,736 shares during the last quarter. Finally, Advisor OS LLC lifted its stake in shares of Flowserve by 13.7% in the fourth quarter. Advisor OS LLC now owns 5,528 shares of the industrial products company’s stock valued at $384,000 after buying an additional 668 shares during the period. Institutional investors and hedge funds 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.