Mechanics Financial Corp Sells 3,150 Shares of The Gorman-Rupp Company (NYSE:GRC)

Mechanics Financial Corp decreased its position in The Gorman-Rupp Company (NYSE:GRC) by 0.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,009,675 shares of the industrial products company’s stock after selling 3,150 shares during the period. Gorman-Rupp comprises approximately 17.2% of Mechanics Financial Corp’s investment portfolio, making the stock its biggest holding. Mechanics Financial Corp’s holdings in Gorman-Rupp were worth $38,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in GRC. Barclays PLC lifted its holdings in shares of Gorman-Rupp by 317.9% during the third 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 lifted its stake in 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 valued at $937,000 after acquiring an additional 11,827 shares during the period. Walleye Capital LLC acquired a new stake in Gorman-Rupp during the 3rd quarter valued at approximately $595,000. Vontobel Holding Ltd. purchased a new stake in shares of Gorman-Rupp in the 4th quarter valued at $935,000. Finally, Pinnacle Wealth Planning Services Inc. increased its stake in shares of 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 worth $615,000 after acquiring an additional 7,294 shares during the period. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

GRC opened at $35.34 on Friday. The stock has a market cap of $927.00 million, a P/E ratio of 23.10, a P/E/G ratio of 1.54 and a beta of 0.94. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38. The firm has a fifty day moving average price of $37.74 and a 200 day moving average price of $38.74. The Gorman-Rupp Company has a 1 year low of $30.47 and a 1 year high of $43.79.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Friday, February 7th. The industrial products company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.03). Gorman-Rupp had a net margin of 6.08% and a return on equity of 12.79%. During the same period last year, the firm earned $0.34 EPS. Equities research analysts anticipate that The Gorman-Rupp Company will post 1.98 earnings per share for the current year.

Gorman-Rupp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $0.185 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.74 dividend on an annualized basis and a yield of 2.09%. Gorman-Rupp’s dividend payout ratio is currently 48.37%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 25th.

Gorman-Rupp Profile

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.