Morgan Dempsey Capital Management LLC decreased its position in shares of Gorman-Rupp Co. (NYSEMKT:GRC) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 435,567 shares of the company’s stock after selling 5,925 shares during the period. Gorman-Rupp accounts for approximately 4.0% of Morgan Dempsey Capital Management LLC’s investment portfolio, making the stock its 3rd largest position. Morgan Dempsey Capital Management LLC owned 1.67% of Gorman-Rupp worth $11,939,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Gorman-Rupp by 10.8% in the first quarter. BlackRock Inc. now owns 8,102 shares of the company’s stock worth $210,000 after buying an additional 790 shares in the last quarter. BlackRock Group LTD raised its stake in shares of Gorman-Rupp by 4.0% in the first quarter. BlackRock Group LTD now owns 50,408 shares of the company’s stock worth $1,307,000 after buying an additional 1,920 shares in the last quarter. M&T Bank Corp raised its stake in shares of Gorman-Rupp by 0.7% in the first quarter. M&T Bank Corp now owns 107,000 shares of the company’s stock worth $2,775,000 after buying an additional 750 shares in the last quarter. Spark Investment Management LLC bought a new stake in shares of Gorman-Rupp during the first quarter worth approximately $417,000. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Gorman-Rupp during the first quarter worth approximately $242,000.
Shares of Gorman-Rupp Co. (NYSEMKT:GRC) remained flat at $25.50 during trading on Wednesday. 28,160 shares of the company were exchanged. The company has a 50 day moving average of $26.47 and a 200 day moving average of $27.28. Gorman-Rupp Co. has a 12 month low of $21.09 and a 12 month high of $32.60. The stock has a market capitalization of $665.32 million, a PE ratio of 27.60 and a beta of 1.13.
Gorman-Rupp (NYSEMKT:GRC) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.03. The company earned $96.30 million during the quarter, compared to analysts’ expectations of $97.70 million. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. Equities research analysts anticipate that Gorman-Rupp Co. will post $0.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 15th were given a $0.105 dividend. This represents a $0.42 annualized dividend and a dividend yield of Infinity. The ex-dividend date was Thursday, August 11th. Gorman-Rupp’s payout ratio is currently 45.65%.
Several brokerages recently issued reports on GRC. Zacks Investment Research lowered shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 28th. Sidoti began coverage on shares of Gorman-Rupp in a research report on Tuesday, September 20th. They set a “neutral” rating and a $30.00 target price for the company. Finally, TheStreet lowered shares of Gorman-Rupp from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Eight equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $17.90.
In related news, Director W Wayne Walston sold 2,000 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $27.31, for a total value of $54,620.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth R. Reynolds purchased 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was acquired at an average price of $27.00 per share, for a total transaction of $67,500.00. The disclosure for this purchase can be found here.
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. The Company offers its products for use in dewatering; petroleum original equipment; agriculture; fire protection; heating, ventilating and air conditioning; military, and other liquid-handling applications. The Company operates in the manufacture and international sale of pumps and pump systems segment.
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