ProShare Advisors LLC Sells 80,481 Shares of Gorman-Rupp Company (The) $GRC

ProShare Advisors LLC lowered its holdings in Gorman-Rupp Company (The) (NYSE:GRC) by 95.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,658 shares of the industrial products company’s stock after selling 80,481 shares during the period. ProShare Advisors LLC’s holdings in Gorman-Rupp were worth $272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Gorman-Rupp in the second quarter worth approximately $165,116,000. First Trust Advisors LP grew its holdings in shares of Gorman-Rupp by 326.1% during the 1st quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company’s stock valued at $32,581,000 after acquiring an additional 401,340 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Gorman-Rupp during the 2nd quarter valued at $33,565,000. Bank of America Corp DE acquired a new position in shares of Gorman-Rupp in the second quarter worth $28,291,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Gorman-Rupp in the second quarter worth $16,235,000. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

GRC stock opened at $69.97 on Friday. The company has a quick ratio of 1.82, a current ratio of 2.70 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 24.99, a P/E/G ratio of 1.88 and a beta of 1.28. Gorman-Rupp Company has a 12 month low of $42.31 and a 12 month high of $92.78. The firm has a 50 day moving average of $73.46 and a two-hundred day moving average of $73.16.

Gorman-Rupp (NYSE:GRC) last released its quarterly earnings results on Friday, October 23rd. The industrial products company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.16. The business had revenue of $193.25 million for the quarter, compared to the consensus estimate of $181.55 million. Gorman-Rupp had a net margin of 10.20% and a return on equity of 17.13%. As a group, equities analysts anticipate that Gorman-Rupp Company will post 2.88 EPS for the current fiscal year.

Gorman-Rupp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 13th will be issued a $0.20 dividend. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 13th. Gorman-Rupp’s dividend payout ratio is currently 27.14%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Zacks Research downgraded Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Gorman-Rupp in a research note on Wednesday, September 9th. Finally, Wall Street Zen raised Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Insider Buying and Selling

In other Gorman-Rupp news, VP D. Patrick Wischmeier sold 5,153 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $77.62, for a total transaction of $399,975.86. Following the transaction, the vice president directly owned 1,409 shares in the company, valued at $109,366.58. This trade represents a 78.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.60% of the stock is owned by insiders.

About Gorman-Rupp

Gorman-Rupp is a manufacturer of pumps and related pumping systems. Its products include self-priming and standard centrifugal pumps, submersible pumps, rotary gear pumps, diaphragm pumps and engine-driven units, serving applications that require the movement of water and other fluids. The company’s products are used in markets including municipal water and wastewater, construction, industrial processing, agriculture, petroleum and fire protection. Gorman-Rupp serves customers in the United States and internationally.