Vanguard Group Inc. Has $49.04 Million Stake in Gorman-Rupp Co (GRC)
Vanguard Group Inc. increased its stake in Gorman-Rupp Co (NYSEMKT:GRC) by 6.9% during the first quarter, Holdings Channel reports. The fund owned 1,561,859 shares of the industrial products company’s stock after buying an additional 100,245 shares during the period. Vanguard Group Inc. owned approximately 0.06% of Gorman-Rupp worth $49,042,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of GRC. Bank of New York Mellon Corp increased its position in Gorman-Rupp by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 154,654 shares of the industrial products company’s stock worth $4,856,000 after buying an additional 6,243 shares during the period. Parametric Portfolio Associates LLC bought a new stake in shares of Gorman-Rupp during the first quarter worth about $4,574,000. Teachers Advisors LLC boosted its stake in shares of Gorman-Rupp by 2.5% in the first quarter. Teachers Advisors LLC now owns 40,114 shares of the industrial products company’s stock worth $1,260,000 after buying an additional 977 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Gorman-Rupp by 72.0% in the first quarter. Wells Fargo & Company MN now owns 27,825 shares of the industrial products company’s stock worth $874,000 after buying an additional 11,643 shares in the last quarter. Finally, WCM Investment Management CA boosted its stake in shares of Gorman-Rupp by 9.0% in the first quarter. WCM Investment Management CA now owns 26,892 shares of the industrial products company’s stock worth $844,000 after buying an additional 2,230 shares in the last quarter.
Gorman-Rupp Co (NYSEMKT:GRC) traded up 1.22% during mid-day trading on Friday, reaching $28.66. The company had a trading volume of 2,352 shares. Gorman-Rupp Co has a 12-month low of $22.30 and a 12-month high of $34.45. The stock has a 50 day moving average price of $27.09 and a 200-day moving average price of $28.47. The stock has a market capitalization of $748.00 million, a P/E ratio of 30.04 and a beta of 1.13.
Gorman-Rupp (NYSEMKT:GRC) last posted its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. Gorman-Rupp had a return on equity of 10.14% and a net margin of 8.02%. The firm had revenue of $97.87 million during the quarter, compared to analysts’ expectations of $92.90 million. During the same period in the prior year, the business earned $0.25 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Gorman-Rupp Co will post $1.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Tuesday, August 15th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 1.62%. The ex-dividend date is Friday, August 11th. Gorman-Rupp’s dividend payout ratio is presently 45.65%.
A number of brokerages have recently issued reports on GRC. Zacks Investment Research upgraded Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective on the stock in a research note on Tuesday, August 1st. TheStreet lowered Gorman-Rupp from a “b-” rating to a “c+” rating in a report on Friday, May 12th.
Gorman-Rupp Company Profile
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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