) recently announced a dividend of 42 cents per share or $1.68 on
an annualized basis. The dividend is payable on Jul 12 to
shareholders of record as on Jun 28.
Flowserve has paid quarterly dividends consecutively for over
23 years and has been raising dividends every year. On Feb 19,
2013, the board of directors had increased the quarterly dividend
from 36 cents per share to 42 cents per share, reflecting a 16.7%
growth. Based on the closing price of $166.84 as of May 24, 2013,
the proposed dividend affirms a yield of 1.68%.
In addition, Flowserve has a share repurchase program in
place. On Feb 19, 2013, the board of directors approved a $750
million share repurchase program, which included approximately
$193 million of remaining capacity under the prior $1.0 billion
share repurchase authorization.
During the first quarter Flowserve repurchased 992,368 shares
of its outstanding common stock for $155.6 million. As of Mar 31,
2013 the company has $687.2 million of remaining authorized
capacity under the current share repurchase program.
Flowserve has consistently returned significant cash to its
shareholders. The company had reportedly returned $845.7 million
to its shareholders in 2012 through a combination of dividends
and share repurchase transactions, reflecting a robust increase
of 285% compared with 2011 and 672% compared with 2010. During
the last reported quarter, Flowserve paid cash dividends of $17.5
million compared with $17.4 million in the first three months of
Flowserve Corporation is a world leading manufacturer and
aftermarket service provider of comprehensive flow control
systems. Flowserve develops and manufactures precision-engineered
flow control equipment, such as pumps, valves, and seals, for
critical service applications that require high reliability.
Flowserve presently has a Zacks Rank #3 (Hold). Other leading
players in the industry worth reckoning include
Honeywell International Inc
Altra Holdings Inc
), each carrying a Zacks Rank #2 (Buy).
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