Principal Financial Group Inc. Purchases New Position in Gorman-Rupp Company (The) $GRC

Principal Financial Group Inc. bought a new position in Gorman-Rupp Company (The) (NYSE:GRC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,853 shares of the industrial products company’s stock, valued at approximately $923,000. Principal Financial Group Inc. owned about 0.06% of Gorman-Rupp as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Huntington National Bank bought a new position in shares of Gorman-Rupp in the fourth quarter valued at approximately $31,000. NewEdge Advisors LLC grew its position in Gorman-Rupp by 130.7% during the 4th quarter. NewEdge Advisors LLC now owns 669 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 379 shares during the last quarter. Fifth Third Bancorp grew its position in Gorman-Rupp by 14.1% during the 1st quarter. Fifth Third Bancorp now owns 1,461 shares of the industrial products company’s stock worth $91,000 after acquiring an additional 180 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Gorman-Rupp by 125.0% during the 2nd quarter. Osaic Holdings Inc. now owns 1,690 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 939 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Gorman-Rupp by 135.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,053 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 1,180 shares in the last quarter. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Up 1.1%

NYSE GRC opened at $81.55 on Friday. The stock has a market capitalization of $2.15 billion, a P/E ratio of 34.41, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28. Gorman-Rupp Company has a 52 week low of $39.64 and a 52 week high of $92.78. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.76 and a current ratio of 2.81. The stock has a fifty day moving average of $81.61 and a 200-day moving average of $70.47.

Gorman-Rupp (NYSE:GRC) last issued its quarterly earnings results on Friday, July 24th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $186.07 million for the quarter, compared to analyst estimates of $188.89 million. Gorman-Rupp had a return on equity of 15.55% and a net margin of 8.88%. On average, equities research analysts forecast that Gorman-Rupp Company will post 2.67 EPS for the current year.

Gorman-Rupp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, August 14th. Gorman-Rupp’s payout ratio is currently 32.07%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Zacks Research raised Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Freedom Capital raised shares of Gorman-Rupp to a “hold” rating in a report on Monday, May 18th. Weiss Ratings cut shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. Finally, Wall Street Zen raised shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy”.

About Gorman-Rupp

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.