Flowserve Corporation (FLS) to Issue Quarterly Dividend of $0.19 on October 6th
Flowserve Corporation (NYSE:FLS) announced a quarterly dividend on Tuesday, September 5th, RTT News reports. Shareholders of record on Friday, September 22nd will be given a dividend of 0.19 per share by the industrial products company on Friday, October 6th. This represents a $0.76 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, September 21st.
Flowserve Corporation has raised its dividend payment by an average of 11.6% per year over the last three years and has raised its dividend annually for the last 10 consecutive years. Flowserve Corporation has a payout ratio of 53.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Flowserve Corporation to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 37.3%.
Shares of Flowserve Corporation (NYSE FLS) opened at 41.39 on Friday. The firm’s 50-day moving average is $39.70 and its 200-day moving average is $45.58. Flowserve Corporation has a 12-month low of $37.51 and a 12-month high of $52.10. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 51.74 and a beta of 1.45.
Flowserve Corporation (NYSE:FLS) last released its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.21). The business had revenue of $877.00 million for the quarter, compared to the consensus estimate of $933.91 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. Flowserve Corporation’s revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Analysts predict that Flowserve Corporation will post $1.43 earnings per share for the current fiscal year.
FLS has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Flowserve Corporation in a research note on Friday, July 14th. BMO Capital Markets reiterated a “buy” rating and set a $56.00 price objective on shares of Flowserve Corporation in a research report on Tuesday, June 27th. Cowen and Company reiterated a “buy” rating and set a $55.00 price objective on shares of Flowserve Corporation in a research report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and set a $45.00 price objective on shares of Flowserve Corporation in a research report on Sunday, September 3rd. Finally, Zacks Investment Research upgraded shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $47.45.
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Flowserve Corporation Company Profile
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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