Bank of America Corp DE grew its position in Gorman-Rupp Company (The) (NYSE:GRC - Free Report) by 1,056.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 302,230 shares of the industrial products company's stock after purchasing an additional 276,101 shares during the quarter. Bank of America Corp DE owned approximately 1.14% of Gorman-Rupp worth $18,778,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Huntington National Bank purchased a new position in Gorman-Rupp in the fourth quarter valued at approximately $31,000. NewEdge Advisors LLC boosted its holdings in shares of Gorman-Rupp by 130.7% in the 4th quarter. NewEdge Advisors LLC now owns 669 shares of the industrial products company's stock valued at $32,000 after buying an additional 379 shares in the last quarter. Osaic Holdings Inc. grew its position in shares of Gorman-Rupp by 125.0% in the 2nd quarter. Osaic Holdings Inc. now owns 1,690 shares of the industrial products company's stock valued at $62,000 after buying an additional 939 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Gorman-Rupp by 135.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,053 shares of the industrial products company's stock valued at $75,000 after buying an additional 1,180 shares during the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in Gorman-Rupp during the 1st quarter worth $89,000. 59.26% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the company. Zacks Research raised Gorman-Rupp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 22nd. Wall Street Zen downgraded shares of Gorman-Rupp from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings cut shares of Gorman-Rupp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, June 12th. Finally, Freedom Capital raised shares of Gorman-Rupp to a "hold" rating in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Gorman-Rupp has a consensus rating of "Buy".
Check Out Our Latest Analysis on GRC
Gorman-Rupp Stock Performance
Shares of GRC stock opened at $78.47 on Thursday. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 33.11, a price-to-earnings-growth ratio of 2.27 and a beta of 1.29. The stock has a 50 day simple moving average of $83.05 and a 200-day simple moving average of $73.29. Gorman-Rupp Company has a 12-month low of $41.02 and a 12-month high of $92.78. The company has a current ratio of 2.81, a quick ratio of 1.82 and a debt-to-equity ratio of 0.62.
Gorman-Rupp (NYSE:GRC - Get Free Report) last released its quarterly earnings data 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. 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 during the quarter, compared to analysts' expectations of $188.89 million. On average, equities analysts forecast that Gorman-Rupp Company will post 2.67 EPS for the current year.
Gorman-Rupp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.76 annualized dividend and a dividend yield of 1.0%. Gorman-Rupp's payout ratio is 32.07%.
About Gorman-Rupp
(
Free Report)
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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