Schwab Charles Investment Management Inc. Raises Stake in Gorman-Rupp (GRC)
Schwab Charles Investment Management Inc. grew its position in Gorman-Rupp (NYSE:GRC) by 4.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,931 shares of the industrial products company’s stock after purchasing an additional 3,527 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.32% of Gorman-Rupp worth $2,589,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of GRC. Fieldpoint Private Securities LLC bought a new stake in shares of Gorman-Rupp in the third quarter valued at about $107,000. Victory Capital Management Inc. bought a new stake in shares of Gorman-Rupp in the third quarter valued at about $170,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Gorman-Rupp by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 14,562 shares of the industrial products company’s stock valued at $371,000 after purchasing an additional 187 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Gorman-Rupp by 34.9% in the third quarter. Janney Montgomery Scott LLC now owns 17,799 shares of the industrial products company’s stock valued at $580,000 after purchasing an additional 4,605 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Gorman-Rupp in the third quarter valued at about $884,000. Institutional investors own 52.87% of the company’s stock.
In other Gorman-Rupp news, CFO James Kerr acquired 4,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were purchased at an average price of $27.88 per share, for a total transaction of $111,520.00. Following the completion of the purchase, the chief financial officer now directly owns 6,000 shares of the company’s stock, valued at $167,280. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Ronald D. Pittenger acquired 4,962 shares of the company’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $27.71 per share, for a total transaction of $137,497.02. Following the purchase, the vice president now directly owns 4,201 shares of the company’s stock, valued at $116,409.71. The disclosure for this purchase can be found here. Corporate insiders own 12.40% of the company’s stock.
Gorman-Rupp (NYSE:GRC) last released its earnings results on Friday, February 9th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. Gorman-Rupp had a return on equity of 10.04% and a net margin of 7.00%. The business had revenue of $94.94 million for the quarter, compared to analyst estimates of $95.39 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. Gorman-Rupp’s revenue was up .8% on a year-over-year basis.
The business also recently announced a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Thursday, February 15th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.50 annualized dividend and a yield of 1.66%. Gorman-Rupp’s payout ratio is presently 49.02%.
Separately, Sidoti upgraded Gorman-Rupp from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Monday, March 5th.
The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems worldwide. The company's products include self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed flow, vertical turbine line shaft, submersible, high pressure booster, rotary gear, diaphragm, bellows, and oscillating pumps.
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