Amundi Acquires 17,722 Shares of Gorman-Rupp Company (The) $GRC

Key Points

• Amundi increased its Gorman-Rupp stake by 14.4% in the second quarter, purchasing 17,722 shares and bringing its total holdings to 140,446 shares worth approximately $12.9 million. 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 $186.1 million fell short of the $188.9 million consensus forecast.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating. Gorman-Rupp also maintains a quarterly dividend of $0.19 per share, equal to a 1.0% annualized yield.

Amundi grew its stake in shares of Gorman-Rupp Company (The) (NYSE:GRC - Free Report) by 14.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,446 shares of the industrial products company's stock after buying an additional 17,722 shares during the period. Amundi owned approximately 0.53% of Gorman-Rupp worth $12,885,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC increased its position in shares of Gorman-Rupp by 1.7% during the second quarter. HighTower Advisors LLC now owns 22,259 shares of the industrial products company's stock worth $2,042,000 after acquiring an additional 363 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Gorman-Rupp by 10,550.6% in the 2nd quarter. California State Teachers Retirement System now owns 2,180,385 shares of the industrial products company's stock valued at $200,029,000 after buying an additional 2,159,913 shares in the last quarter. TD Waterhouse Canada Inc. lifted its holdings in shares of Gorman-Rupp by 374.0% in the second quarter. TD Waterhouse Canada Inc. now owns 493 shares of the industrial products company's stock worth $44,000 after acquiring an additional 389 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Gorman-Rupp in the 2nd quarter valued at approximately $730,000. Finally, Nykredit A S bought a new stake in shares of Gorman-Rupp during the 2nd quarter valued at approximately $127,000. Institutional investors and hedge funds own 59.26% of the company's stock.

Insider Transactions at Gorman-Rupp

In other news, VP D. Patrick Wischmeier sold 5,153 shares of Gorman-Rupp stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $77.62, for a total value of $399,975.86. Following the sale, the vice president owned 1,409 shares of the company's stock, valued at $109,366.58. The trade was a 78.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GRC shares. Zacks Research lowered Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Gorman-Rupp in a research report on Wednesday. Wall Street Zen downgraded shares of Gorman-Rupp from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Freedom Capital upgraded shares of Gorman-Rupp to a "hold" rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Gorman-Rupp presently has a consensus rating of "Hold".

Gorman-Rupp Stock Up 1.7%

GRC stock opened at $74.49 on Friday. Gorman-Rupp Company has a fifty-two week low of $42.31 and a fifty-two week high of $92.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.82 and a current ratio of 2.81. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 31.43, a P/E/G ratio of 2.11 and a beta of 1.29. The business's 50-day moving average is $79.19 and its two-hundred day moving average is $74.69.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its 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. Gorman-Rupp had a return on equity of 15.55% and a net margin of 8.88%.The firm had revenue of $186.07 million for the quarter, compared to the consensus estimate of $188.89 million. As a group, analysts forecast that Gorman-Rupp Company will post 2.67 earnings per share for the current year.

Gorman-Rupp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were issued a $0.19 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.0%. Gorman-Rupp's dividend payout ratio (DPR) is 32.07%.

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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