Flowserve Corporation (NYSE:FLS – Get Free Report) declared a quarterly dividend on Thursday, August 27th. Investors of record on Friday, September 25th will be given a dividend of 0.22 per share by the industrial products company on Friday, October 9th. This represents a c) dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 25th.
Flowserve has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Flowserve has a payout ratio of 24.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Flowserve to earn $4.67 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 18.8%.
Flowserve Trading Down 0.9%
FLS stock opened at $82.03 on Friday. The firm has a fifty day moving average price of $75.23 and a 200 day moving average price of $77.17. Flowserve has a fifty-two week low of $48.71 and a fifty-two week high of $92.41. The firm has a market cap of $10.43 billion, a PE ratio of 28.78, a price-to-earnings-growth ratio of 1.84 and a beta of 1.23. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.58 and a current ratio of 2.15.
Institutional Investors Weigh In On Flowserve
Several large investors have recently added to or reduced their stakes in FLS. Corient Private Wealth LP grew its stake in Flowserve by 11.4% in the 2nd quarter. Corient Private Wealth LP now owns 8,004 shares of the industrial products company’s stock worth $594,000 after acquiring an additional 817 shares in the last quarter. Amundi raised its stake in shares of Flowserve by 15.2% during the second quarter. Amundi now owns 1,100,383 shares of the industrial products company’s stock valued at $81,604,000 after acquiring an additional 145,321 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Flowserve by 7.4% during the second quarter. HighTower Advisors LLC now owns 34,485 shares of the industrial products company’s stock valued at $2,557,000 after acquiring an additional 2,372 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Flowserve in the second quarter valued at approximately $5,265,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Flowserve by 7,209.3% in the second quarter. California State Teachers Retirement System now owns 10,996,000 shares of the industrial products company’s stock valued at $815,463,000 after purchasing an additional 10,845,561 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.
About Flowserve
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.
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