The Gorman-Rupp Company (NYSE:GRC) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC reduced its position in shares of The Gorman-Rupp Company (NYSE:GRC) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 776,000 shares of the industrial products company’s stock after selling 4,000 shares during the period. Gabelli Funds LLC owned 2.96% of Gorman-Rupp worth $28,487,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GRC. Robeco Schweiz AG acquired a new stake in Gorman-Rupp during the second quarter worth approximately $7,876,000. Renaissance Technologies LLC lifted its stake in shares of Gorman-Rupp by 20.7% during the 2nd quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company’s stock worth $4,434,000 after purchasing an additional 20,689 shares during the period. Livelsberger Financial Advisory acquired a new stake in shares of Gorman-Rupp during the fourth quarter worth $640,000. Cooke & Bieler LP grew its position in shares of Gorman-Rupp by 3.3% in the second quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company’s stock valued at $20,683,000 after purchasing an additional 17,977 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Gorman-Rupp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company’s stock valued at $49,156,000 after purchasing an additional 17,340 shares during the last quarter. 59.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com lowered Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 6th.

Gorman-Rupp Price Performance

GRC opened at $38.38 on Monday. The Gorman-Rupp Company has a 1 year low of $28.87 and a 1 year high of $42.24. The company’s 50 day simple moving average is $38.58 and its 200 day simple moving average is $36.91. The stock has a market capitalization of $1.01 billion, a PE ratio of 27.81, a P/E/G ratio of 1.51 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.44 and a current ratio of 2.45.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings data on Friday, July 26th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.10. The company had revenue of $169.51 million during the quarter, compared to analysts’ expectations of $174.44 million. Gorman-Rupp had a net margin of 5.20% and a return on equity of 11.39%. As a group, sell-side analysts expect that The Gorman-Rupp Company will post 1.85 EPS for the current year.

Gorman-Rupp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Thursday, August 15th. Gorman-Rupp’s dividend payout ratio (DPR) is presently 52.17%.

Gorman-Rupp 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.