Gorman-Rupp Co (GRC) Shares Sold by Legal & General Group Plc
Legal & General Group Plc decreased its stake in Gorman-Rupp Co (NYSEMKT:GRC) by 2.1% during the first quarter, Holdings Channel reports. The institutional investor owned 4,093 shares of the industrial products company’s stock after selling 86 shares during the period. Legal & General Group Plc’s holdings in Gorman-Rupp were worth $128,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Teachers Advisors LLC increased its position in shares of Gorman-Rupp by 20.8% in the fourth quarter. Teachers Advisors LLC now owns 39,137 shares of the industrial products company’s stock valued at $1,211,000 after buying an additional 6,727 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Gorman-Rupp by 9.7% in the first quarter. Janney Montgomery Scott LLC now owns 13,422 shares of the industrial products company’s stock valued at $421,000 after buying an additional 1,182 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Gorman-Rupp by 72.0% in the first quarter. Wells Fargo & Company MN now owns 27,825 shares of the industrial products company’s stock valued at $874,000 after buying an additional 11,643 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Gorman-Rupp by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 154,654 shares of the industrial products company’s stock valued at $4,856,000 after buying an additional 6,243 shares during the last quarter. Finally, Parametric Portfolio Associates LLC acquired a new position in shares of Gorman-Rupp during the first quarter valued at about $4,574,000.
Shares of Gorman-Rupp Co (GRC) traded down 0.75% during mid-day trading on Thursday, hitting $27.85. 6,232 shares of the stock traded hands. Gorman-Rupp Co has a 12-month low of $22.30 and a 12-month high of $34.45. The firm’s 50 day moving average price is $27.45 and its 200-day moving average price is $28.34. The stock has a market cap of $726.86 million, a P/E ratio of 29.19 and a beta of 1.13.
Gorman-Rupp (NYSEMKT:GRC) last released its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.13. Gorman-Rupp had a net margin of 8.02% and a return on equity of 10.14%. The business had revenue of $97.87 million for the quarter, compared to analysts’ expectations of $92.90 million. During the same quarter last year, the company earned $0.25 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts predict that Gorman-Rupp Co will post $1.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Tuesday, August 15th will be given a $0.115 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.46 dividend on an annualized basis and a yield of 1.64%. Gorman-Rupp’s dividend payout ratio is presently 45.65%.
Several brokerages have issued reports on GRC. TheStreet downgraded shares of Gorman-Rupp from a “b-” rating to a “c+” rating in a research report on Friday, May 12th. Zacks Investment Research raised shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $35.00 target price on the stock in a report on Tuesday, August 1st.
Gorman-Rupp Company Profile
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. The Company offers its products for use in dewatering; petroleum original equipment; agriculture; fire protection; heating, ventilating and air conditioning; military, and other liquid-handling applications. The Company operates in the manufacture and international sale of pumps and pump systems segment.
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