The Manufacturers Life Insurance Company Makes New $856,000 Investment in Gorman-Rupp Company (The) $GRC

The Manufacturers Life Insurance Company bought a new stake in shares of Gorman-Rupp Company (The) (NYSE:GRC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,333 shares of the industrial products company’s stock, valued at approximately $856,000.

A number of other hedge funds also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Gorman-Rupp in the second quarter worth $28,000. Huntington National Bank acquired a new position in Gorman-Rupp during the fourth quarter valued at $31,000. NewEdge Advisors LLC lifted its stake in Gorman-Rupp by 130.7% in the 4th quarter. NewEdge Advisors LLC now owns 669 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 379 shares in the last quarter. USA Financial Formulas purchased a new stake in Gorman-Rupp in the 1st quarter worth about $53,000. Finally, Osaic Holdings Inc. boosted its position in Gorman-Rupp by 125.0% during the 2nd quarter. Osaic Holdings Inc. now owns 1,690 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 939 shares during the period. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GRC shares. Zacks Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings lowered shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. Wall Street Zen cut shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Freedom Capital raised shares of Gorman-Rupp to a “hold” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Gorman-Rupp Price Performance

GRC opened at $75.25 on Friday. The stock has a fifty day moving average price of $80.52 and a 200 day moving average price of $74.40. The company has a current ratio of 2.81, a quick ratio of 1.82 and a debt-to-equity ratio of 0.62. Gorman-Rupp Company has a 1 year low of $41.98 and a 1 year high of $92.78. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 2.17 and a beta of 1.29.

Gorman-Rupp (NYSE:GRC) last issued its earnings results on Friday, July 24th. The industrial products company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. Gorman-Rupp had a return on equity of 15.55% and a net margin of 8.88%.The company had revenue of $186.07 million for the quarter, compared to analyst estimates of $188.89 million. Analysts forecast that Gorman-Rupp Company will post 2.67 EPS for the current fiscal year.

Gorman-Rupp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be issued a $0.19 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.0%. Gorman-Rupp’s dividend payout ratio is currently 32.07%.

Insiders Place Their Bets

In related news, VP D. Patrick Wischmeier sold 5,153 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $77.62, for a total transaction of $399,975.86. Following the transaction, the vice president owned 1,409 shares of the company’s stock, valued at approximately $109,366.58. This trade represents a 78.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.60% of the company’s stock.

About Gorman-Rupp

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.