Several institutional investors have recently changed their holdings in Flowserve. Notably, Bank of Nova Scotia bought a new position worth about $1.1 million, while Nomura Holdings acquired shares valued at $6.38 million. Nebula Research invested around $1.45 million. Cubist Systematic Strategies increased its stake by 717.3%, now holding $16.28 million worth of shares. Raleigh Capital also raised its position by 122.4%, owning shares currently valued at $45,000. Overall, institutional investors control 93.93% of Flowserve’s stock.
Flowserve Stock Update
Flowserve shares opened at $52.69. The stock’s one-year range is $35.31 to $53.86. It has a market cap of $6.94 billion, a PE ratio of 29.77, and the stock has been performing with a 50-day moving average of $48.25.
Flowserve reported earnings of $0.73 per share for the quarter, surpassing estimates of $0.63. Revenue was $1.16 billion, higher than the expected $1.13 billion, marking a 7.1% year-over-year increase. Analysts predict an EPS of 2.76 for the current year.
Dividend Announcement
The company declared a quarterly dividend of $0.21 per share, to be paid on October 11 to shareholders on record as of September 27. This results in an annual dividend of $0.84, yielding 1.59%.
Analysts’ Price Targets
Research reports have recently updated Flowserve’s price targets. Royal Bank of Canada has adjusted their target from $50.00 to $52.00, while Stifel Nicolaus raised theirs to $60.00. Bank of America maintains a “buy” rating with a $60.00 target. Overall, the average target price for the stock is $56.88, with many analysts rating it as a “moderate buy.”
Company Overview
Flowserve Corporation specializes in designing and manufacturing industrial flow management equipment. It operates mainly through two segments: Flowserve Pump Division and Flow Control Division, providing various products and services across multiple regions.
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