Prentiss Smith & Co. Inc. Decreases Stake in Gorman-Rupp Co. (GRC)
Prentiss Smith & Co. Inc. cut its position in shares of Gorman-Rupp Co. (NYSEMKT:GRC) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,184 shares of the company’s stock after selling 42 shares during the period. Prentiss Smith & Co. Inc.’s holdings in Gorman-Rupp were worth $170,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Gorman-Rupp by 10.8% in the first quarter. BlackRock Inc. now owns 8,102 shares of the company’s stock worth $210,000 after buying an additional 790 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Gorman-Rupp during the first quarter valued at about $242,000. Renaissance Technologies LLC purchased a new stake in Gorman-Rupp during the first quarter valued at about $252,000. Metropolitan Life Insurance Co. NY raised its stake in Gorman-Rupp by 3.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 15,409 shares of the company’s stock valued at $400,000 after buying an additional 494 shares in the last quarter. Finally, Spark Investment Management LLC purchased a new stake in Gorman-Rupp during the first quarter valued at about $417,000.
Shares of Gorman-Rupp Co. (NYSEMKT:GRC) traded down 0.39% during trading on Tuesday, reaching $25.50. 14,203 shares of the company traded hands. The stock has a market capitalization of $665.32 million, a PE ratio of 27.60 and a beta of 1.13. Gorman-Rupp Co. has a 12-month low of $21.09 and a 12-month high of $32.60. The firm’s 50-day moving average is $26.52 and its 200-day moving average is $27.29.
Gorman-Rupp (NYSEMKT:GRC) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.03. The business earned $96.30 million during the quarter, compared to the consensus estimate of $97.70 million. During the same period last year, the firm earned $0.25 EPS. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities analysts predict that Gorman-Rupp Co. will post $0.96 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Monday, August 15th were given a $0.105 dividend. This represents a $0.42 annualized dividend and a dividend yield of Infinity. The ex-dividend date of this dividend was Thursday, August 11th. Gorman-Rupp’s dividend payout ratio (DPR) is currently 45.65%.
GRC has been the topic of several analyst reports. TheStreet lowered shares of Gorman-Rupp from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Zacks Investment Research upgraded shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $31.00 price target on the stock in a research report on Monday, August 1st. Finally, Sidoti initiated coverage on shares of Gorman-Rupp in a research report on Tuesday, September 20th. They set a “neutral” rating and a $30.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus price target of $17.90.
In related news, Director W Wayne Walston sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $27.31, for a total transaction of $54,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth R. Reynolds acquired 2,500 shares of Gorman-Rupp stock in a transaction that occurred on Thursday, August 11th. The shares were purchased at an average cost of $27.00 per share, with a total value of $67,500.00. The disclosure for this purchase can be found here.
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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