Golub Group buys $56.3 Million stake in Flowserve Corp (FLS)

Flowserve Corp (FLS) : Golub Group scooped up 342,150 additional shares in Flowserve Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 1,240,816 shares of Flowserve Corp which is valued at $56.3 Million.Flowserve Corp makes up approximately 6.02% of Golub Group’s portfolio.

Other Hedge Funds, Including , Dean Investment Associates sold out all of its stake in FLS during the most recent quarter. The investment firm sold 6,385 shares of FLS which is valued $289,751.Impax Asset Management Ltd boosted its stake in FLS in the latest quarter, The investment management firm added 82,700 additional shares and now holds a total of 475,300 shares of Flowserve Corp which is valued at $21.6 Million. Flowserve Corp makes up approx 1.15% of Impax Asset Management Ltd’s portfolio.Tiaa Cref Investment Management boosted its stake in FLS in the latest quarter, The investment management firm added 2,551 additional shares and now holds a total of 234,581 shares of Flowserve Corp which is valued at $10.9 Million. Flowserve Corp makes up approx 0.01% of Tiaa Cref Investment Management’s portfolio.Exane Derivatives reduced its stake in FLS by selling 54 shares or 27.69% in the most recent quarter. The Hedge Fund company now holds 141 shares of FLS which is valued at $6,523.Bank Of The West boosted its stake in FLS in the latest quarter, The investment management firm added 2,418 additional shares and now holds a total of 53,052 shares of Flowserve Corp which is valued at $2.5 Million. Flowserve Corp makes up approx 0.34% of Bank Of The West’s portfolio.

Flowserve Corp opened for trading at $45.34 and hit $45.87 on the upside on Friday, eventually ending the session at $45.82, with a gain of 2.03% or 0.91 points. The heightened volatility saw the trading volume jump to 8,59,758 shares. Company has a market cap of $5,973 M.

On the company’s financial health, Flowserve Corp reported $0.39 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $0.43. The company had revenue of $947.25 million for the quarter, compared to analysts expectations of $870.60 million. The company’s revenue was down -6.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.58 EPS.

Many Wall Street Analysts have commented on Flowserve Corp. Flowserve Corp was Initiated by KeyBanc Capital Mkts to “Sector Weight” on May 10, 2016. Company shares were Reiterated by Stifel on May 2, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $51 .Flowserve Corp was Downgraded by Nomura to ” Reduce” on Apr 4, 2016.

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company develops and manufactures precision-engineered flow control equipment integral to the movement control and protection of the flow of materials. The Company operates through three segments: Engineered Product Division (EPD) Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs manufactures distributes and services engineered pumps and pump systems mechanical seals auxiliary systems replacement parts and related equipment. Its IPD designs manufactures distributes and services pre-configured engineered pumps and pump systems including submersible motors for industrial markets. The Company’s FCD designs manufactures distributes and services a portfolio of industrial valve and automation solutions including isolation and control valves actuation controls and related equipment.

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