Gorman-Rupp Company (The) (NYSE:GRC) Sees Significant Growth in Short Interest

Key Points

• Gorman-Rupp Company saw a significant increase in short interest of 30.7% in August, totaling 150,100 shares, which equates to 0.7% of its shares being short sold.
• Institutional investors have shown strong interest, with firms like Osaic Holdings Inc. and Tower Research Capital LLC increasing their stakes considerably in recent quarters.
• The company reported earnings of $0.60 per share for the last quarter, exceeding analysts' expectations, and declared a quarterly dividend of $0.185 per share with a yield of 1.7%.

Gorman-Rupp Company (The) (NYSE:GRC - Get Free Report) was the target of a significant growth in short interest in the month of August. As of August 15th, there was short interest totaling 150,100 shares, a growth of 30.7% from the July 31st total of 114,800 shares. Based on an average daily volume of 61,700 shares, the short-interest ratio is currently 2.4 days. Currently, 0.7% of the company's shares are sold short. Currently, 0.7% of the company's shares are sold short. Based on an average daily volume of 61,700 shares, the short-interest ratio is currently 2.4 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Nuveen LLC acquired a new stake in shares of Gorman-Rupp in the 1st quarter worth about $3,449,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Gorman-Rupp by 7.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 756,083 shares of the industrial products company's stock worth $26,540,000 after purchasing an additional 53,006 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Gorman-Rupp by 6.9% in the second quarter. Gamco Investors INC. ET AL now owns 592,988 shares of the industrial products company's stock worth $21,775,000 after purchasing an additional 38,260 shares during the last quarter. Cooke & Bieler LP lifted its holdings in shares of Gorman-Rupp by 8.5% in the first quarter. Cooke & Bieler LP now owns 481,965 shares of the industrial products company's stock valued at $16,917,000 after purchasing an additional 37,738 shares in the last quarter. Finally, Aurora Private Wealth Inc. purchased a new position in shares of Gorman-Rupp during the first quarter valued at approximately $1,262,000. 59.26% of the stock is currently owned by institutional investors and hedge funds.

Gorman-Rupp Trading Down 2.4%

Shares of GRC stock traded down $1.04 during trading hours on Friday, hitting $42.85. 52,112 shares of the company were exchanged, compared to its average volume of 60,067. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.39 and a current ratio of 2.39. The company has a 50 day simple moving average of $40.88 and a two-hundred day simple moving average of $37.83. The firm has a market cap of $1.13 billion, a P/E ratio of 21.75, a P/E/G ratio of 1.65 and a beta of 1.22. Gorman-Rupp has a fifty-two week low of $30.87 and a fifty-two week high of $43.98.

Gorman-Rupp (NYSE:GRC - Get Free Report) last issued its earnings results on Friday, July 25th. The industrial products company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.05. Gorman-Rupp had a return on equity of 13.63% and a net margin of 7.69%.The company had revenue of $179.05 million for the quarter, compared to analyst estimates of $174.60 million. Equities analysts anticipate that Gorman-Rupp will post 1.98 EPS for the current year.

Gorman-Rupp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 15th. Gorman-Rupp's dividend payout ratio (DPR) is 37.56%.

About Gorman-Rupp

The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems in the United States and internationally. The company's products include self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed flow, vertical turbine line shaft, submersible, high-pressure booster, rotary gear, diaphragm, bellows, and oscillating pumps.