Needham Investment Management LLC Buys 60,000 Shares of Gorman-Rupp Company (The) $GRC

Needham Investment Management LLC boosted its stake in Gorman-Rupp Company (The) (NYSE:GRC) by 30.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 260,000 shares of the industrial products company’s stock after buying an additional 60,000 shares during the period. Needham Investment Management LLC’s holdings in Gorman-Rupp were worth $12,415,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of Gorman-Rupp by 211.6% during the 4th quarter. Victory Capital Management Inc. now owns 830,480 shares of the industrial products company’s stock worth $39,655,000 after acquiring an additional 564,000 shares during the period. First Trust Advisors LP purchased a new position in shares of Gorman-Rupp in the 4th quarter valued at approximately $5,876,000. Teton Advisors LLC purchased a new position in shares of Gorman-Rupp in the 3rd quarter valued at approximately $2,191,000. Allspring Global Investments Holdings LLC boosted its position in shares of Gorman-Rupp by 42.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,382 shares of the industrial products company’s stock valued at $5,891,000 after purchasing an additional 37,037 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Gorman-Rupp by 203.0% in the first quarter. Jane Street Group LLC now owns 48,499 shares of the industrial products company’s stock worth $1,702,000 after purchasing an additional 32,494 shares during the period. 59.26% of the stock is owned by institutional investors.

Gorman-Rupp Stock Up 1.2%

Shares of NYSE:GRC opened at $85.57 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 1.76 and a debt-to-equity ratio of 0.69. The stock has a fifty day simple moving average of $73.78 and a two-hundred day simple moving average of $62.27. Gorman-Rupp Company has a 12-month low of $34.96 and a 12-month high of $86.58. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 38.37, a PEG ratio of 2.50 and a beta of 1.31.

Gorman-Rupp (NYSE:GRC) last issued its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.19. The firm had revenue of $176.59 million during the quarter, compared to the consensus estimate of $170.61 million. Gorman-Rupp had a return on equity of 15.08% and a net margin of 8.45%. On average, research analysts anticipate that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were issued a $0.19 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.76 annualized dividend and a yield of 0.9%. Gorman-Rupp’s payout ratio is 34.08%.

Analyst Ratings Changes

GRC has been the topic of a number of research reports. Wall Street Zen upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 2nd. Weiss Ratings cut shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday. Zacks Research raised shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Finally, Freedom Capital upgraded shares of Gorman-Rupp to a “hold” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Gorman-Rupp has an average rating of “Buy”.

Gorman-Rupp Company Profile

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.