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Flowserve Announces Dividend Again

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Flowserve Corporation (FLS - Free Report) 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 2012.

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. (HON - Free Report) , Altra Holdings Inc. (AIMC - Free Report) and Broadwind Energy (BWEN - Free Report) , each carrying a Zacks Rank #2 (Buy).

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