Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Gorman-Rupp Company (The) $GRC

Key Points

• Connor Clark & Lunn Investment Management purchased 100,385 Gorman-Rupp shares worth approximately $9.2 million, giving it a 0.38% 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, equivalent to $0.76 annually and a 1.0% yield. Analysts’ consensus rating is “Hold,” following several recent rating reductions.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Gorman-Rupp Company (The) (NYSE:GRC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 100,385 shares of the industrial products company's stock, valued at approximately $9,209,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.38% of Gorman-Rupp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Cerity Partners LLC lifted its stake in shares of Gorman-Rupp by 3.2% during the fourth quarter. Cerity Partners LLC now owns 4,776 shares of the industrial products company's stock worth $228,000 after buying an additional 150 shares during the period. Captrust Financial Advisors increased its position in shares of Gorman-Rupp by 3.5% in the 4th quarter. Captrust Financial Advisors now owns 4,872 shares of the industrial products company's stock valued at $233,000 after acquiring an additional 163 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Gorman-Rupp by 1.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,892 shares of the industrial products company's stock valued at $615,000 after acquiring an additional 176 shares during the period. Fifth Third Bancorp raised its stake in Gorman-Rupp by 14.1% in the 1st quarter. Fifth Third Bancorp now owns 1,461 shares of the industrial products company's stock worth $91,000 after acquiring an additional 180 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Gorman-Rupp by 0.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,370 shares of the industrial products company's stock worth $2,166,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 59.26% of the company's stock.

Gorman-Rupp Trading Up 1.1%

NYSE GRC opened at $77.57 on Thursday. Gorman-Rupp Company has a 1 year low of $41.85 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 company has a market capitalization of $2.05 billion, a PE ratio of 32.73, a P/E/G ratio of 2.21 and a beta of 1.29. The company has a fifty day moving average of $82.31 and a 200 day moving average of $74.01.

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

Gorman-Rupp Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have weighed in on GRC. Wall Street Zen downgraded 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 research note on Friday, June 12th. Zacks Research downgraded Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Freedom Capital upgraded shares of Gorman-Rupp to a "hold" rating in a report 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 stock. Based on data from MarketBeat, the stock has an average 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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