Ameriprise Financial Inc. cut its position in Gorman-Rupp Co. (NYSEMKT:GRC) by 2.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 158,995 shares of the company’s stock after selling 3,400 shares during the period. Ameriprise Financial Inc. owned about 0.61% of Gorman-Rupp worth $4,359,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. 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 during the last quarter. BlackRock Inc. raised 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 in the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Gorman-Rupp by 1.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 55,432 shares of the company’s stock worth $1,519,000 after buying an additional 1,000 shares in the last quarter. BlackRock Group LTD raised 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Gorman-Rupp by 5.6% in the second quarter. Bank of New York Mellon Corp now owns 119,886 shares of the company’s stock worth $3,286,000 after buying an additional 6,384 shares in the last quarter.
Gorman-Rupp Co. (NYSEMKT:GRC) traded up 0.44% during mid-day trading on Tuesday, hitting $24.86. 8,268 shares of the stock were exchanged. The stock has a 50 day moving average of $25.86 and a 200-day moving average of $27.23. The stock has a market cap of $648.62 million, a price-to-earnings ratio of 26.90 and a beta of 1.13. Gorman-Rupp Co. has a 52-week low of $21.09 and a 52-week high of $32.60.
Gorman-Rupp (NYSEMKT:GRC) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.03. The company earned $96.30 million during the quarter, compared to the consensus estimate of $97.70 million. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 earnings per share. Equities analysts predict that Gorman-Rupp Co. will post $0.96 EPS for the current fiscal year.
A number of research firms recently commented on GRC. Zacks Investment Research upgraded shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $31.00 price target for the company in a report on Monday, August 1st. TheStreet downgraded shares of Gorman-Rupp from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Finally, Sidoti initiated coverage on shares of Gorman-Rupp in a research report on Tuesday, September 20th. They set a “neutral” rating and a $30.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and an average price target of $17.90.
In other news, Director Kenneth R. Reynolds acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was purchased 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 available through this link. Also, Director W Wayne Walston sold 2,000 shares of Gorman-Rupp stock in a transaction dated Friday, August 26th. The shares were 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.
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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