23,480 Shares in Gorman-Rupp Company (The) $GRC Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management purchased 23,480 Gorman-Rupp shares worth approximately $2.15 million, giving it a 0.09% stake. Institutional investors collectively own 59.26% of the company.
• Gorman-Rupp reported quarterly earnings of $0.74 per share, exceeding 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, equivalent to $0.76 annually and a 1.0% yield. Analysts maintain an overall “Buy” rating, with shares recently trading at $79.80.

Assenagon Asset Management S.A. bought a new stake in shares of Gorman-Rupp Company (The) (NYSE:GRC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,480 shares of the industrial products company's stock, valued at approximately $2,154,000. Assenagon Asset Management S.A. owned approximately 0.09% of Gorman-Rupp at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. increased its stake in Gorman-Rupp by 211.6% during the 4th quarter. Victory Capital Management Inc. now owns 830,480 shares of the industrial products company's stock valued at $39,655,000 after purchasing an additional 564,000 shares in the last quarter. First Trust Advisors LP increased its holdings in Gorman-Rupp by 326.1% in the 1st quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company's stock worth $32,581,000 after buying an additional 401,340 shares during the period. Bank of America Corp DE increased its holdings in Gorman-Rupp by 1,056.7% in the 1st quarter. Bank of America Corp DE now owns 302,230 shares of the industrial products company's stock worth $18,778,000 after buying an additional 276,101 shares during the period. Amundi purchased a new position in Gorman-Rupp during the 4th quarter worth approximately $5,942,000. Finally, Needham Investment Management LLC raised its position in Gorman-Rupp by 30.0% during the 4th quarter. Needham Investment Management LLC now owns 260,000 shares of the industrial products company's stock worth $12,415,000 after buying an additional 60,000 shares during the last quarter. Hedge funds and other institutional investors own 59.26% of the company's stock.

Gorman-Rupp Stock Performance

Shares of NYSE:GRC opened at $79.80 on Friday. The business's 50 day moving average price is $83.00 and its 200-day moving average price is $72.55. Gorman-Rupp Company has a 1 year low of $41.02 and a 1 year high of $92.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.81 and a quick ratio of 1.82. The firm has a market capitalization of $2.11 billion, a PE ratio of 33.67, a P/E/G ratio of 2.35 and a beta of 1.29.

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

Gorman-Rupp Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently issued reports on GRC. Freedom Capital upgraded shares of Gorman-Rupp to a "hold" rating in a research report on Monday, May 18th. Wall Street Zen lowered Gorman-Rupp from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings cut Gorman-Rupp from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, June 12th. Finally, Zacks Research raised shares of Gorman-Rupp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Gorman-Rupp presently has an average rating of "Buy".

About Gorman-Rupp

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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