Bank of New York Mellon Corp boosted its position in Gorman-Rupp Co. (NYSEMKT:GRC) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 119,886 shares of the company’s stock after buying an additional 6,384 shares during the period. Bank of New York Mellon Corp owned 0.46% of Gorman-Rupp worth $3,286,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Mondrian Investment Partners LTD increased its position in Gorman-Rupp by 7,787.1% in the first quarter. Mondrian Investment Partners LTD now owns 84,234 shares of the company’s stock worth $2,184,000 after buying an additional 83,166 shares during the period. BlackRock Inc. boosted its position in shares of Gorman-Rupp by 10.8% in the first quarter. BlackRock Inc. now owns 8,102 shares of the company’s stock worth $210,000 after buying an additional 790 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Gorman-Rupp during the first quarter worth approximately $252,000. BlackRock Group LTD boosted its position in shares of Gorman-Rupp by 4.0% in the first quarter. BlackRock Group LTD now owns 50,408 shares of the company’s stock worth $1,307,000 after buying an additional 1,920 shares in the last quarter. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Gorman-Rupp during the first quarter worth approximately $242,000.
Gorman-Rupp Co. (NYSEMKT:GRC) traded up 0.43% on Friday, reaching $25.61. The company had a trading volume of 37,116 shares. The firm has a market capitalization of $668.19 million, a P/E ratio of 27.72 and a beta of 1.13. The company’s 50-day moving average price is $26.59 and its 200 day moving average price is $27.29. Gorman-Rupp Co. has a 1-year low of $21.09 and a 1-year high of $32.60.
Gorman-Rupp (NYSEMKT:GRC) last posted its earnings results on Friday, July 29th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.03. The firm had revenue of $96.30 million for the quarter, compared to analysts’ expectations of $97.70 million. During the same period in the previous year, the company earned $0.25 earnings per share. The company’s revenue was down 7.3% compared to the same quarter last year. On average, equities analysts forecast that Gorman-Rupp Co. will post $0.96 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 15th were given a dividend of $0.105 per share. The ex-dividend date was Thursday, August 11th. This represents a $0.42 annualized dividend and a dividend yield of Infinity. Gorman-Rupp’s dividend payout ratio (DPR) is presently 45.65%.
A number of brokerages recently commented on GRC. Zacks Investment Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Sidoti began coverage on Gorman-Rupp in a report on Tuesday, September 20th. They set a “neutral” rating and a $30.00 price target on the stock. Finally, TheStreet cut Gorman-Rupp from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Eight equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $17.90.
In other Gorman-Rupp news, Director Kenneth R. Reynolds acquired 2,500 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was bought at an average price of $27.00 per share, for a total transaction of $67,500.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director W Wayne Walston sold 2,000 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $27.31, for a total transaction of $54,620.00. The disclosure for this sale can be found here.
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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