First Trust Advisors LP Has $3.71 Million Position in Gorman-Rupp Co (GRC)
First Trust Advisors LP boosted its holdings in Gorman-Rupp Co (NYSEMKT:GRC) by 71.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,606 shares of the industrial products company’s stock after purchasing an additional 60,512 shares during the quarter. First Trust Advisors LP owned approximately 0.56% of Gorman-Rupp worth $3,709,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in GRC. KCG Holdings Inc. acquired a new stake in Gorman-Rupp during the first quarter worth about $208,000. American International Group Inc. increased its stake in Gorman-Rupp by 7.0% during the first quarter. American International Group Inc. now owns 10,846 shares of the industrial products company’s stock worth $341,000 after acquiring an additional 714 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Gorman-Rupp by 9.7% during the first quarter. Janney Montgomery Scott LLC now owns 13,422 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 1,182 shares during the last quarter. Principal Financial Group Inc. increased its stake in Gorman-Rupp by 7.1% during the first quarter. Principal Financial Group Inc. now owns 15,043 shares of the industrial products company’s stock worth $472,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Gotham Asset Management LLC increased its stake in Gorman-Rupp by 19.0% during the first quarter. Gotham Asset Management LLC now owns 16,994 shares of the industrial products company’s stock worth $534,000 after acquiring an additional 2,713 shares during the last quarter.
In other news, Director Christopher H. Lake sold 2,200 shares of Gorman-Rupp stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $27.23, for a total value of $59,906.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth R. Reynolds acquired 2,500 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was acquired at an average price of $28.17 per share, for a total transaction of $70,425.00. The disclosure for this purchase can be found here.
Gorman-Rupp Co (GRC) opened at 29.84 on Monday. The company has a 50-day moving average price of $28.16 and a 200-day moving average price of $28.10. The stock has a market cap of $778.79 million, a P/E ratio of 31.28 and a beta of 1.13. Gorman-Rupp Co has a one year low of $22.30 and a one year high of $34.45.
Gorman-Rupp (NYSEMKT:GRC) last posted its earnings results on Friday, July 28th. The industrial products company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.13. Gorman-Rupp had a return on equity of 10.14% and a net margin of 8.02%. The company had revenue of $97.87 million for the quarter, compared to analyst estimates of $92.90 million. During the same period last year, the company earned $0.25 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. On average, analysts anticipate that Gorman-Rupp Co will post $1.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Tuesday, August 15th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.46 annualized dividend and a yield of 1.54%. Gorman-Rupp’s dividend payout ratio (DPR) is currently 45.65%.
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Several brokerages have commented on GRC. Zacks Investment Research upgraded Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $35.00 price target for the company in a research note on Tuesday, August 1st. TheStreet upgraded Gorman-Rupp from a “c+” rating to a “b-” rating in a research note on Monday, August 21st.
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. The Company offers its products for use in dewatering; petroleum original equipment; agriculture; fire protection; heating, ventilating and air conditioning; military, and other liquid-handling applications. The Company operates in the manufacture and international sale of pumps and pump systems segment.
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