Flowserve Co. (FLS) to Issue Quarterly Dividend of $0.21 on July 11th

Flowserve Co. (NYSE:FLS) declared a quarterly dividend on Monday, May 19th, Wall Street Journal reports. Shareholders 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 1.65%. The ex-dividend date is Friday, June 27th.

Flowserve has raised its dividend payment 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 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 FLS stock opened at $50.80 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.97 and a quick ratio of 1.39. The company has a market capitalization of $6.64 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.35 and a beta of 1.21. The company’s 50-day simple moving average is $46.62 and its two-hundred day simple moving average is $54.72. Flowserve has a one year low of $37.34 and a one year high of $65.08.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Flowserve from $71.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Stifel Nicolaus increased their price objective on shares of Flowserve from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Royal Bank of Canada increased their price objective on shares of Flowserve from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Citigroup dropped their price objective on shares of Flowserve from $72.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Mizuho set a $60.00 price objective on shares of Flowserve in a research note on Friday. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $63.00.

Institutional Investors Weigh In On Flowserve

A hedge fund recently raised its stake in Flowserve stock. Goldman Sachs Group Inc. raised its position in Flowserve Co. (NYSE:FLS) by 48.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 471,893 shares of the industrial products company’s stock after acquiring 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 filing with the Securities & Exchange Commission. Institutional investors 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.