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

Flowserve Co. (NYSE:FLS) announced a quarterly dividend on Thursday, August 15th, RTT News reports. Stockholders of record on Friday, September 27th will be given a dividend of 0.21 per share by the industrial products company on Friday, October 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, September 27th.

Flowserve has a payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Flowserve to earn $3.16 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 26.6%.

Flowserve Trading Up 7.3 %

Shares of NYSE:FLS opened at $52.14 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The stock has a market cap of $6.85 billion, a PE ratio of 29.46, a P/E/G ratio of 1.16 and a beta of 1.39. The business has a 50 day moving average of $47.97 and a 200-day moving average of $47.62. Flowserve has a 12-month low of $35.31 and a 12-month high of $52.22.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, equities research analysts forecast that Flowserve will post 2.76 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on FLS. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird raised their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. TD Cowen raised their price target on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their target price on Flowserve from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Bank of America reissued a “buy” rating and set a $60.00 price objective on shares of Flowserve in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Flowserve has an average rating of “Moderate Buy” and an average target price of $56.11.

Flowserve Company Profile

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.