Hsbc Holdings PLC Lowers Stock Position in The Gorman-Rupp Company (NYSE:GRC)

Hsbc Holdings PLC lessened its holdings in The Gorman-Rupp Company (NYSE:GRC) by 69.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,854 shares of the industrial products company’s stock after selling 13,335 shares during the period. Hsbc Holdings PLC’s holdings in Gorman-Rupp were worth $213,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Renaissance Technologies LLC lifted its position in shares of Gorman-Rupp by 20.7% in 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. Dimensional Fund Advisors LP lifted its position in Gorman-Rupp by 1.3% during 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 acquiring an additional 17,340 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Gorman-Rupp during the second quarter valued at approximately $262,000. Robeco Schweiz AG purchased a new stake in Gorman-Rupp during the second quarter valued at approximately $7,876,000. Finally, American Century Companies Inc. lifted its position in Gorman-Rupp by 12.6% during the second quarter. American Century Companies Inc. now owns 32,411 shares of the industrial products company’s stock valued at $1,190,000 after acquiring an additional 3,622 shares during the last quarter. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 6th.

Gorman-Rupp Trading Up 1.7 %

NYSE:GRC opened at $38.74 on Friday. The firm has a 50 day moving average of $38.21 and a 200 day moving average of $37.02. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 1.61 and a beta of 0.91. The Gorman-Rupp Company has a 52 week low of $28.87 and a 52 week high of $42.24. The company has a quick ratio of 1.44, a current ratio of 2.45 and a debt-to-equity ratio of 1.05.

Gorman-Rupp (NYSE:GRC) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.10. The business 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 anticipate that The Gorman-Rupp Company will post 1.85 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. Gorman-Rupp’s dividend payout ratio is currently 52.17%.

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.