Bank of America Corp DE Makes New Investment in Gorman-Rupp Company (The) $GRC

Key Points

• Bank of America acquired 308,378 shares of Gorman-Rupp in the second quarter, worth approximately $28.3 million and representing a 1.17% stake. Institutional investors collectively own 59.26% of the company.
• Gorman-Rupp reported quarterly EPS of $0.74, exceeding the $0.70 consensus estimate, while revenue of $186.1 million fell slightly short of forecasts. Analysts’ consensus rating remains “Hold.”
• The company pays a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 dividend and a 1.0% yield; shares recently opened at $74.65, within a one-year range of $42.31 to $92.78.

Bank of America Corp DE bought a new position in Gorman-Rupp Company (The) (NYSE:GRC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 308,378 shares of the industrial products company's stock, valued at approximately $28,291,000. Bank of America Corp DE owned 1.17% of Gorman-Rupp at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Gorman-Rupp in the 2nd quarter valued at $28,000. Huntington National Bank acquired a new position in shares of Gorman-Rupp during the 4th quarter worth about $31,000. USA Financial Formulas bought a new position in shares of Gorman-Rupp in the 1st quarter valued at about $53,000. State of Wyoming bought a new position in shares of Gorman-Rupp in the 2nd quarter valued at about $130,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Gorman-Rupp in the first quarter valued at about $89,000. Institutional investors own 59.26% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GRC. Zacks Research cut shares of Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. 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. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Gorman-Rupp in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold".

Gorman-Rupp Price Performance

Gorman-Rupp stock opened at $74.65 on Wednesday. The firm has a market cap of $1.97 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 2.12 and a beta of 1.29. 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 stock's fifty day moving average price is $78.14 and its two-hundred day moving average price is $75.16. Gorman-Rupp Company has a one year low of $42.31 and a one year high of $92.78.

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

Gorman-Rupp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were given a dividend of $0.19 per share. 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 payout ratio is currently 32.07%.

Insiders Place Their Bets

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

Gorman-Rupp Profile

The Gorman-Rupp Company NYSE: GRC designs, manufactures and sells pumping equipment and related systems. Its products are used to move water, wastewater and other liquids in municipal, industrial, construction, agricultural and commercial applications.

The company's product portfolio includes self-priming centrifugal pumps, standard centrifugal pumps, submersible pumps, rotary gear pumps, diaphragm pumps and trash pumps. Gorman-Rupp also supplies packaged pumping systems and equipment for water and wastewater treatment, sewage handling, fire protection, fluid management and other specialized applications.

Founded in 1933 by J.C.

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