176,973 Shares in Gorman-Rupp Company (The) $GRC Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 176,973 shares of Gorman-Rupp in the second quarter, worth approximately $16.2 million and representing a 0.67% stake. Institutional investors collectively own 59.26% of the company.
• Gorman-Rupp reported quarterly earnings of $0.74 per share, beating estimates of $0.70, while revenue of $186.07 million fell short of the $188.89 million consensus forecast.
• The company declared a quarterly dividend of $0.19 per share, equal to a $0.76 annualized payout and a 1.0% yield. Analysts maintain a consensus “Hold” rating, while the stock recently traded at $75.54.

Bank of New York Mellon Corp bought a new position in Gorman-Rupp Company (The) (NYSE:GRC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 176,973 shares of the industrial products company's stock, valued at approximately $16,235,000. Bank of New York Mellon Corp owned 0.67% of Gorman-Rupp at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GRC. State of Wyoming bought a new stake in shares of Gorman-Rupp in the second quarter worth $130,000. USA Financial Formulas bought a new position in Gorman-Rupp in the first quarter valued at about $53,000. Hennion & Walsh Asset Management Inc. purchased a new position in Gorman-Rupp in the second quarter worth about $279,000. Assenagon Asset Management S.A. purchased a new position in Gorman-Rupp in the second quarter worth about $2,154,000. Finally, PVG Asset Management Corp bought a new stake in shares of Gorman-Rupp during the 1st quarter valued at about $844,000. 59.26% of the stock is currently owned by hedge funds and other institutional investors.

Gorman-Rupp Price Performance

NYSE:GRC opened at $75.54 on Tuesday. The business's 50-day moving average is $81.61 and its 200 day moving average is $74.23. Gorman-Rupp Company has a 12 month low of $41.85 and a 12 month high of $92.78. The company has a market capitalization of $2.00 billion, a P/E ratio of 31.87, a P/E/G ratio of 2.20 and a beta of 1.29. The company has a current ratio of 2.81, a quick ratio of 1.82 and a debt-to-equity ratio of 0.62.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its quarterly earnings results on Friday, July 24th. The industrial products company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $186.07 million during the quarter, compared to analysts' expectations of $188.89 million. Gorman-Rupp had a return on equity of 15.55% and a net margin of 8.88%. On average, equities research analysts forecast that Gorman-Rupp Company will post 2.67 earnings per share for the current fiscal year.

Gorman-Rupp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, August 14th. Gorman-Rupp's payout ratio is currently 32.07%.

Insiders Place Their Bets

In related news, VP D Patrick Wischmeier sold 5,153 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $77.62, for a total transaction of $399,975.86. Following the sale, the vice president owned 1,409 shares of the company's stock, valued at $109,366.58. This represents a 78.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Gorman-Rupp from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Zacks Research downgraded Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. Freedom Capital raised shares of Gorman-Rupp to a "hold" rating in a research note on Monday, May 18th. Finally, Weiss Ratings cut shares of Gorman-Rupp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, June 12th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Gorman-Rupp Company Profile

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.

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