California Public Employees Retirement System maintained its stake in shares of Gorman-Rupp Co. (NYSEMKT:GRC) during the second quarter, Holdings Channel reports. The institutional investor owned 57,468 shares of the company’s stock at the end of the second quarter. California Public Employees Retirement System owned about 0.22% of Gorman-Rupp worth $1,575,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in GRC. BlackRock Inc. boosted its stake in 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 during the last quarter. Renaissance Technologies LLC acquired a new stake in Gorman-Rupp during the first quarter worth about $252,000. BlackRock Group LTD boosted its stake in 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 during the last quarter. Spark Investment Management LLC acquired a new stake in Gorman-Rupp during the first quarter worth about $417,000. Finally, M&T Bank Corp boosted its stake in 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 during the last quarter.
Gorman-Rupp Co. (NYSEMKT:GRC) traded up 1.19% during midday trading on Monday, hitting $25.43. The stock had a trading volume of 5,701 shares. Gorman-Rupp Co. has a 1-year low of $21.09 and a 1-year high of $32.60. The stock has a market capitalization of $663.49 million, a PE ratio of 27.52 and a beta of 1.13. The stock’s 50-day moving average is $26.33 and its 200-day moving average is $27.24.
Gorman-Rupp (NYSEMKT:GRC) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.03. The company earned $96.30 million during the quarter, compared to analyst estimates of $97.70 million. Gorman-Rupp’s revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 earnings per share. On average, equities research analysts anticipate that Gorman-Rupp Co. will post $0.96 EPS for the current fiscal year.
A number of research firms recently issued reports on GRC. Zacks Investment Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 29th. TheStreet downgraded Gorman-Rupp from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Finally, Sidoti began coverage on Gorman-Rupp in a research report on Tuesday, September 20th. They set a “neutral” rating and a $30.00 price target for the company. Eight research analysts have rated the stock with a hold rating, Gorman-Rupp currently has a consensus rating of “Hold” and a consensus target price of $17.90.
In other Gorman-Rupp news, Director Kenneth R. Reynolds bought 2,500 shares of the stock in a transaction on Thursday, August 11th. The stock was acquired at an average cost of $27.00 per share, for a total transaction of $67,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Wayne Walston sold 2,000 shares of Gorman-Rupp stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $27.31, for a total value of $54,620.00. The disclosure for this sale can be found here.
Gorman-Rupp Company Profile
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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