Raymond James Financial Inc. Takes $1.10 Million Position in The Gorman-Rupp Company (NYSE:GRC)

Raymond James Financial Inc. acquired a new stake in shares of The Gorman-Rupp Company (NYSE:GRC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 29,010 shares of the industrial products company's stock, valued at approximately $1,100,000. Raymond James Financial Inc. owned about 0.11% of Gorman-Rupp at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in GRC. Vanguard Group Inc. increased its holdings in shares of Gorman-Rupp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 2,205,019 shares of the industrial products company's stock valued at $83,614,000 after purchasing an additional 20,407 shares during the period. Bank of New York Mellon Corp increased its holdings in Gorman-Rupp by 9.6% in the 4th quarter. Bank of New York Mellon Corp now owns 185,956 shares of the industrial products company's stock worth $7,051,000 after buying an additional 16,334 shares during the period. Charles Schwab Investment Management Inc. raised its position in Gorman-Rupp by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 174,153 shares of the industrial products company's stock worth $6,604,000 after buying an additional 1,266 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Gorman-Rupp by 2.0% during the 4th quarter. Wells Fargo & Company MN now owns 126,363 shares of the industrial products company's stock valued at $4,792,000 after acquiring an additional 2,538 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Gorman-Rupp by 57.3% in the 4th quarter. JPMorgan Chase & Co. now owns 115,536 shares of the industrial products company's stock valued at $4,381,000 after acquiring an additional 42,082 shares during the last quarter. 59.26% of the stock is owned by institutional investors and hedge funds.

Gorman-Rupp Stock Performance

Shares of GRC traded up $0.05 during mid-day trading on Wednesday, reaching $36.68. The company had a trading volume of 52,322 shares, compared to its average volume of 80,971. The stock has a market capitalization of $964.46 million, a P/E ratio of 23.97, a PEG ratio of 1.54 and a beta of 1.20. The Gorman-Rupp Company has a 52-week low of $30.87 and a 52-week high of $43.79. The stock has a 50 day moving average of $35.42 and a two-hundred day moving average of $37.91. The company has a quick ratio of 1.38, a current ratio of 2.39 and a debt-to-equity ratio of 0.99.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The industrial products company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. Gorman-Rupp had a return on equity of 12.79% and a net margin of 6.08%. The business had revenue of $163.95 million for the quarter, compared to analyst estimates of $164.84 million. On average, analysts expect that The Gorman-Rupp Company will post 1.98 earnings per share for the current year.

Gorman-Rupp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Thursday, May 15th. Gorman-Rupp's payout ratio is 43.79%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th.

Gorman-Rupp Company Profile

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.