Gorman-Rupp Company (The) $GRC Holdings Reduced by KBC Group NV

Key Points

• KBC Group NV reduced its stake in Gorman-Rupp by 18.8% in the first quarter, selling 63,992 shares and leaving it with 277,277 shares valued at about $17.2 million.
• Other institutional investors were mixed on the stock: firms like Goldman Sachs, UBS AM, Jane Street, and Rhumbline Advisers increased holdings, and institutions now own 59.26% of Gorman-Rupp shares.
• Gorman-Rupp reported better-than-expected quarterly results, with EPS of $0.68 versus estimates of $0.49 and revenue of $176.59 million, while analysts currently rate the stock a Hold on average.

KBC Group NV trimmed its holdings in Gorman-Rupp Company (The) (NYSE:GRC - Free Report) by 18.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,277 shares of the industrial products company's stock after selling 63,992 shares during the quarter. KBC Group NV owned about 1.05% of Gorman-Rupp worth $17,227,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Gorman-Rupp by 9.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 281,709 shares of the industrial products company's stock valued at $9,888,000 after buying an additional 25,033 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Gorman-Rupp by 13.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,912 shares of the industrial products company's stock valued at $2,278,000 after purchasing an additional 7,667 shares in the last quarter. Jane Street Group LLC boosted its stake in Gorman-Rupp by 203.0% during the 1st quarter. Jane Street Group LLC now owns 48,499 shares of the industrial products company's stock valued at $1,702,000 after purchasing an additional 32,494 shares in the last quarter. Rhumbline Advisers increased its position in shares of Gorman-Rupp by 17.4% during the 2nd quarter. Rhumbline Advisers now owns 36,865 shares of the industrial products company's stock valued at $1,354,000 after purchasing an additional 5,462 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Gorman-Rupp by 8.6% in the 2nd quarter. American Century Companies Inc. now owns 50,760 shares of the industrial products company's stock worth $1,864,000 after buying an additional 4,020 shares in the last quarter. Institutional investors own 59.26% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Freedom Capital upgraded Gorman-Rupp to a "hold" rating in a report on Monday, May 18th. Weiss Ratings downgraded shares of Gorman-Rupp from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, June 12th. Wall Street Zen upgraded Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 2nd. Finally, Zacks Research downgraded shares of Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. 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 an average rating of "Hold".

Gorman-Rupp Trading Up 1.6%

GRC stock opened at $80.42 on Wednesday. Gorman-Rupp Company has a 1-year low of $37.08 and a 1-year high of $92.78. The company has a current ratio of 2.93, a quick ratio of 1.76 and a debt-to-equity ratio of 0.69. The business's 50 day moving average is $80.41 and its 200-day moving average is $68.86. The firm has a market cap of $2.12 billion, a P/E ratio of 36.06, a P/E/G ratio of 2.34 and a beta of 1.28.

Gorman-Rupp (NYSE:GRC - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.19. The firm had revenue of $176.59 million during the quarter, compared to the consensus estimate of $170.61 million. Gorman-Rupp had a return on equity of 15.08% and a net margin of 8.45%. Equities analysts anticipate that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, May 15th. Gorman-Rupp's payout ratio is presently 34.08%.

Gorman-Rupp 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.