The Gorman-Rupp Company (NYSE:GRC – Get Free Report) fell 10.4% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $32.50 and last traded at $32.68. 25,047 shares changed hands during trading, a decline of 64% from the average session volume of 70,530 shares. The stock had previously closed at $36.46.
The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.05). Gorman-Rupp had a net margin of 5.52% and a return on equity of 10.60%. The business had revenue of $159.27 million for the quarter, compared to the consensus estimate of $168.49 million.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System acquired a new position in shares of Gorman-Rupp during the 1st quarter worth approximately $82,000. Global Retirement Partners LLC increased its holdings in shares of Gorman-Rupp by 92.2% during the 4th quarter. Global Retirement Partners LLC now owns 2,706 shares of the industrial products company’s stock worth $88,000 after acquiring an additional 1,298 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Gorman-Rupp during the 4th quarter worth approximately $120,000. Swisher Financial Concepts Inc. acquired a new position in shares of Gorman-Rupp during the 1st quarter worth approximately $216,000. Finally, Jump Financial LLC acquired a new position in shares of Gorman-Rupp during the 3rd quarter worth approximately $217,000. Institutional investors and hedge funds own 59.26% of the company’s stock.
Gorman-Rupp Price Performance
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.
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