The Vanguard Group, Inc. recently announced the acquisition of new stake in Flowserve Corp. (NYSE:FLS). The institutional investor has increased its shareholding in the Industrials company by 0.54% to 13.09 million shares with purchase of 69800.0 shares. This fresh investment now brings its stake to 9.98% valued currently at $500.85 million. In addition, BlackRock Fund Advisors raised its holdings by 0.19 million to 10.39 million shares. And Wellington Management Co. LLP has lifted its position by 2.49% or 0.25 million shares – to 10.13 million shares.
With over 0.48 million Flowserve Corp. (FLS) shares trading Friday and a closing price of $41.32 on the day, the dollar volume was approximately $19.97 million. The shares have shown a positive half year performance of 14.52% and its price on 12/22/23 gained nearly 1.27%. Currently, there are 131.21M common shares owned by the public and among those 130.48M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for FLS have a consensus price objective of $46.20. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $38.00. The average price target is 10.56% above its recent price level and a downside to the estimated low will see the stock lose -8.74% over that period. But an upside of 17.36% will see the stock hit the forecast high price target while median target price for the stock is $46.50.
Insiders at the company have transacted a total of 121 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 62 of these insider trades were purchases, accounting for 401,063 shares. Insider sales of the common stock occurred on 59 occasions, with total insider shares sold totaling 144,723 shares.
The top 3 mutual fund holders in Flowserve Corp. are First Eagle Global Fund, Vanguard Total Stock Market ETF, and Nordea 1 – Global Climate & Envir. First Eagle Global Fund owns 7.89 million shares of the company’s stock, all valued at over $301.96 million. Vanguard Total Stock Market ETF bought 5157.0 shares to see its total holdings expand to 4.1 million shares valued at over $156.96 million and representing 3.13% of the shares outstanding. Nordea 1 – Global Climate & Envir sold -0.19 million shares to bring its total holdings to over 4.07 million shares at a value of $155.85 million. Nordea 1 – Global Climate & Envir now owns shares totaling to 3.11% of the shares outstanding.
Shares of Flowserve Corp. (NYSE: FLS) opened at $40.98, up $0.18 from a prior closing price of $40.80. However, the script later moved the day high at 41.60, up 1.27%. The company’s stock has a 5-day price change of 3.82% and 5.30% over the past three months. FLS shares are trading 34.68% year to date (YTD), with the 12-month market performance up to 35.56% higher. It has a 12-month low price of $29.36 and touched a high of $41.44 over the same period. FLS has an average intraday trading volume of 988.99K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.95%, 8.42%, and 12.60% respectively.
Institutional ownership of Flowserve Corp. (NYSE: FLS) shares accounts for 95.30% of the company’s 131.21M shares outstanding. Mutual fund holders own 41.82%, while other institutional holders and individual stakeholders account for 55.38% and 2.61% respectively.
It has a market capitalization of $5.42B and a beta (3y monthly) value of 1.49. The stock’s trailing 12-month PE ratio is 22.17, while the earnings-per-share (ttm) stands at $1.86. The company has a PEG of 2.22 and a Quick Ratio of 1.32 with the debt-to-equity ratio at 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.82% over the week and 2.01% over the month.
Analysts forecast that Flowserve Corp. (FLS) will achieve an EPS of $Foot Locker, Inc. for the current quarter, $31.03 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Direxion Financial Bull 3X Shar while analysts give the company a high EPS estimate of $Fidelity National Information S. Comparatively, EPS for the current quarter was $Celestica, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 84.09%, and 24.73% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 134.65% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Flowserve Corp. (FLS) as a “Strong Buy” at a consensus score of 1.83. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 3 of the 12 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the FLS, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on September 26, 2023, with the firm’s price target at $40-$50.
