Legal & General Group Plc Buys New Stake in Gorman-Rupp Company (The) $GRC

Legal & General Group Plc bought a new stake in shares of Gorman-Rupp Company (The) (NYSE:GRC) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 368,696 shares of the industrial products company’s stock, valued at approximately $33,565,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Cerity Partners LLC grew its stake in shares of Gorman-Rupp by 3.2% in the fourth quarter. Cerity Partners LLC now owns 4,776 shares of the industrial products company’s stock worth $228,000 after purchasing an additional 150 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Gorman-Rupp by 3.5% during the fourth quarter. Captrust Financial Advisors now owns 4,872 shares of the industrial products company’s stock valued at $233,000 after purchasing an additional 163 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Gorman-Rupp by 1.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,892 shares of the industrial products company’s stock valued at $615,000 after purchasing an additional 176 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Gorman-Rupp by 14.1% in the first quarter. Fifth Third Bancorp now owns 1,461 shares of the industrial products company’s stock worth $91,000 after purchasing an additional 180 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Gorman-Rupp by 0.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,370 shares of the industrial products company’s stock worth $2,166,000 after purchasing an additional 203 shares during the period. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Down 2.0%

NYSE GRC opened at $76.03 on Friday. Gorman-Rupp Company has a 12 month low of $41.85 and a 12 month high of $92.78. The company has a market capitalization of $2.01 billion, a P/E ratio of 32.08, a PEG ratio of 2.24 and a beta of 1.29. The company’s 50 day simple moving average is $81.87 and its 200 day simple moving average is $74.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.81 and a quick ratio of 1.82.

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

Gorman-Rupp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, August 14th. Gorman-Rupp’s payout ratio is presently 32.07%.

Analyst Upgrades and Downgrades

Several research firms have commented on GRC. Freedom Capital raised shares of Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Wall Street Zen lowered shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, June 12th. Finally, Zacks Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Insider Activity

In other news, VP D Patrick Wischmeier sold 5,153 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $77.62, for a total transaction of $399,975.86. Following the sale, the vice president directly owned 1,409 shares of the company’s stock, valued at $109,366.58. The trade was a 78.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.60% of the stock is owned by insiders.

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.