Flowserve Co. (NYSE:FLS) Announces $0.21 Quarterly Dividend

Flowserve Co. (NYSE:FLS) declared a quarterly dividend on Monday, May 19th, Wall Street Journal reports. Investors of record on Friday, June 27th will be paid a dividend of 0.21 per share by the industrial products company on Friday, July 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Friday, June 27th.

Flowserve has increased its dividend by an average of 1.6% per year over the last three years and has raised its dividend every year for the last 1 years. Flowserve has a payout ratio of 23.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Flowserve to earn $3.71 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 22.6%.

Flowserve Price Performance

Shares of NYSE:FLS traded down $0.22 during trading hours on Monday, hitting $51.40. 874,720 shares of the company’s stock traded hands, compared to its average volume of 1,296,564. Flowserve has a 52 week low of $37.34 and a 52 week high of $65.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.39 and a current ratio of 1.97. The company’s fifty day simple moving average is $46.50 and its two-hundred day simple moving average is $54.76. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 24.02, a price-to-earnings-growth ratio of 1.35 and a beta of 1.21.

Flowserve (NYSE:FLS) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.59 by $0.13. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Flowserve had a net margin of 6.20% and a return on equity of 17.08%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company posted $0.58 earnings per share. As a group, equities analysts anticipate that Flowserve will post 3.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FLS has been the topic of a number of recent research reports. Mizuho set a $60.00 price target on shares of Flowserve in a research note on Friday. Royal Bank of Canada boosted their price objective on Flowserve from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Citigroup cut their target price on Flowserve from $72.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Baird R W raised Flowserve from a “hold” rating to a “strong-buy” rating in a report on Monday, March 17th. Finally, Robert W. Baird dropped their target price on Flowserve from $71.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $63.00.

Institutional Trading of Flowserve

An institutional investor recently raised its position in Flowserve stock. Goldman Sachs Group Inc. boosted its position in shares of Flowserve Co. (NYSE:FLS) by 48.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 471,893 shares of the industrial products company’s stock after buying an additional 153,553 shares during the period. Goldman Sachs Group Inc. owned approximately 0.36% of Flowserve worth $23,047,000 as of its most recent SEC filing. Institutional investors and hedge funds own 93.93% of the company’s stock.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment 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 and in the oil and gas production and process markets.