Rhumbline Advisers Acquires 63 Shares of Gorman-Rupp Co (GRC)
Rhumbline Advisers increased its holdings in Gorman-Rupp Co (NYSEMKT:GRC) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,640 shares of the industrial products company’s stock after acquiring an additional 63 shares during the quarter. Rhumbline Advisers owned approximately 0.09% of Gorman-Rupp worth $577,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Teachers Advisors LLC increased its position in Gorman-Rupp by 2.5% in the 1st quarter. Teachers Advisors LLC now owns 40,114 shares of the industrial products company’s stock valued at $1,260,000 after acquiring an additional 977 shares during the period. Wells Fargo & Company MN raised its stake in Gorman-Rupp by 72.0% during the 1st quarter. Wells Fargo & Company MN now owns 27,825 shares of the industrial products company’s stock valued at $874,000 after acquiring an additional 11,643 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Gorman-Rupp by 4.2% during the 1st quarter. Bank of New York Mellon Corp now owns 154,654 shares of the industrial products company’s stock worth $4,856,000 after acquiring an additional 6,243 shares during the period. First Trust Advisors LP lifted its position in Gorman-Rupp by 71.1% during the 2nd quarter. First Trust Advisors LP now owns 145,606 shares of the industrial products company’s stock worth $3,709,000 after acquiring an additional 60,512 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Gorman-Rupp by 114.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 455,593 shares of the industrial products company’s stock worth $14,306,000 after acquiring an additional 242,926 shares during the period.
In other Gorman-Rupp news, Director Kenneth R. Reynolds bought 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were acquired at an average cost of $28.17 per share, for a total transaction of $70,425.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christopher H. Lake sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $27.23, for a total transaction of $59,906.00. The disclosure for this sale can be found here.
GRC has been the topic of several analyst reports. Zacks Investment Research downgraded shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 27th. TheStreet upgraded shares of Gorman-Rupp from a “c+” rating to a “b-” rating in a research note on Monday, August 21st.
Gorman-Rupp Co (GRC) opened at 32.57 on Monday. The firm has a market cap of $850.04 million, a PE ratio of 34.14 and a beta of 1.13. The firm’s 50-day moving average is $29.09 and its 200-day moving average is $28.01. Gorman-Rupp Co has a 12 month low of $22.30 and a 12 month high of $34.45.
Gorman-Rupp (NYSEMKT:GRC) last announced its earnings results on Friday, July 28th. The industrial products company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.13. The firm had revenue of $97.87 million for the quarter, compared to analysts’ expectations of $92.90 million. Gorman-Rupp had a return on equity of 10.14% and a net margin of 8.02%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 earnings per share. Equities analysts expect that Gorman-Rupp Co will post $1.06 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Friday, August 11th. Gorman-Rupp’s payout ratio is currently 45.65%.
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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