Flowserve Corporation (NYSE:FLS) Announces Quarterly Dividend of $0.21

Key Points

• Flowserve Corporation announced a quarterly dividend of $0.21 per share, which will be distributed to shareholders on October 10th.
• The company has a payout ratio of 23.3%, indicating that the dividend is well-covered by earnings, with future projections suggesting it will maintain this ratio.
• Analysts have a consensus rating of "Buy" for Flowserve, with an average price target of $65.78, reflecting optimism about the company's growth potential.

Flowserve Corporation (NYSE:FLS - Get Free Report) announced a quarterly dividend on Thursday, August 14th, RTT News reports. Shareholders of record on Friday, September 26th will be given a dividend of 0.21 per share by the industrial products company on Friday, October 10th. This represents a c) dividend on an annualized basis and a yield of 1.6%.

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 Trading Down 0.9%

NYSE:FLS traded down $0.47 on Thursday, reaching $53.51. 75,998 shares of the stock traded hands, compared to its average volume of 2,083,977. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.28. The company's 50 day moving average is $51.88 and its 200-day moving average is $51.17. The company has a current ratio of 2.10, a quick ratio of 1.50 and a debt-to-equity ratio of 0.63. Flowserve has a 1-year low of $37.34 and a 1-year high of $65.08.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.22 billion. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. Equities research analysts anticipate that Flowserve will post 3.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLS. Wall Street Zen raised shares of Flowserve from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Robert W. Baird cut their price objective on shares of Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus lifted their target price on Flowserve from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $60.00 target price on Flowserve in a research note on Friday, May 16th. Finally, Royal Bank Of Canada lifted their target price on Flowserve from $64.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Flowserve presently has a consensus rating of "Buy" and an average price target of $65.78.

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.

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