Price T Rowe Associates Inc. MD Raises Holdings in The Gorman-Rupp Company (NYSE:GRC)

Price T Rowe Associates Inc. MD raised its position in shares of The Gorman-Rupp Company (NYSE:GRC) by 7.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 19,646 shares of the industrial products company’s stock after buying an additional 1,301 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Gorman-Rupp were worth $745,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of Gorman-Rupp by 317.9% in the 3rd quarter. Barclays PLC now owns 34,777 shares of the industrial products company’s stock worth $1,355,000 after purchasing an additional 26,455 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Gorman-Rupp by 91.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 24,711 shares of the industrial products company’s stock worth $937,000 after purchasing an additional 11,827 shares during the period. Vontobel Holding Ltd. acquired a new stake in Gorman-Rupp during the 4th quarter worth approximately $935,000. Pinnacle Wealth Planning Services Inc. raised its holdings in Gorman-Rupp by 81.8% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 16,216 shares of the industrial products company’s stock valued at $615,000 after buying an additional 7,294 shares during the period. Finally, Aurora Investment Counsel purchased a new position in Gorman-Rupp in the fourth quarter valued at approximately $2,083,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Analysts Set New Price Targets

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

Gorman-Rupp Stock Performance

NYSE:GRC opened at $37.34 on Monday. The firm’s fifty day simple moving average is $35.41 and its 200 day simple moving average is $37.90. The company has a current ratio of 2.39, a quick ratio of 1.38 and a debt-to-equity ratio of 0.99. The Gorman-Rupp Company has a twelve month low of $30.87 and a twelve month high of $43.79. The firm has a market capitalization of $981.82 million, a price-to-earnings ratio of 24.41, a PEG ratio of 1.54 and a beta of 1.20.

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

Gorman-Rupp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Thursday, May 15th will be issued a dividend of $0.185 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.74 annualized dividend and a dividend yield of 1.98%. Gorman-Rupp’s payout ratio is currently 43.79%.

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.