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

Flowserve Co. (NYSE:FLS - Get Free Report) announced a quarterly dividend on Tuesday, February 18th, RTT News reports. Shareholders of record on Friday, March 28th will be given a dividend of 0.21 per share by the industrial products company on Friday, April 11th. This represents a $0.84 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Friday, March 28th.

Flowserve has raised its dividend payment by an average of 1.6% per year over the last three years. Flowserve has a dividend payout ratio of 22.5% indicating that its dividend is sufficiently covered by earnings. 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

NYSE:FLS traded down $2.08 during mid-day trading on Friday, hitting $55.38. 2,004,391 shares of the company's stock traded hands, compared to its average volume of 1,318,518. 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 firm's 50 day simple moving average is $60.57 and its 200 day simple moving average is $55.78. Flowserve has a 1 year low of $41.60 and a 1 year high of $65.08. The company has a market cap of $7.28 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 1.35 and a beta of 1.42.

Flowserve (NYSE:FLS - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.07). Flowserve had a return on equity of 17.08% and a net margin of 6.20%. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.21 billion. Sell-side analysts expect that Flowserve will post 3.18 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Royal Bank of Canada reduced their target price on shares of Flowserve from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday. The Goldman Sachs Group upgraded shares of Flowserve from a "sell" rating to a "neutral" rating and raised their target price for the stock from $55.00 to $69.00 in a research report on Thursday, December 12th. Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. StockNews.com cut Flowserve from a "buy" rating to a "hold" rating in a report on Thursday. Finally, Mizuho increased their price objective on shares of Flowserve from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.60.

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.