Panagora Asset Management Inc. Decreases Position in Gorman-Rupp Co (GRC)

Panagora Asset Management Inc. decreased its position in shares of Gorman-Rupp Co (NYSE:GRC) by 34.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,029 shares of the industrial products company’s stock after selling 23,201 shares during the period. Panagora Asset Management Inc. owned about 0.17% of Gorman-Rupp worth $1,607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GRC. Mutual of America Capital Management LLC acquired a new position in Gorman-Rupp during the 2nd quarter worth about $3,902,000. Renaissance Technologies LLC lifted its stake in Gorman-Rupp by 115.1% during the 2nd quarter. Renaissance Technologies LLC now owns 127,815 shares of the industrial products company’s stock worth $4,474,000 after acquiring an additional 68,400 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Gorman-Rupp during the 3rd quarter worth about $1,905,000. First Trust Advisors LP lifted its stake in Gorman-Rupp by 34.0% during the 3rd quarter. First Trust Advisors LP now owns 194,191 shares of the industrial products company’s stock worth $7,088,000 after acquiring an additional 49,263 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in Gorman-Rupp by 3.2% during the 2nd quarter. BlackRock Inc. now owns 1,237,638 shares of the industrial products company’s stock worth $43,316,000 after acquiring an additional 38,463 shares in the last quarter. 54.23% of the stock is currently owned by hedge funds and other institutional investors.

GRC opened at $33.06 on Friday. Gorman-Rupp Co has a 12-month low of $26.53 and a 12-month high of $38.26. The stock has a market cap of $863.43 million, a P/E ratio of 20.66 and a beta of 1.08.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Friday, October 26th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.09. Gorman-Rupp had a return on equity of 12.36% and a net margin of 9.46%. The firm had revenue of $102.89 million for the quarter, compared to analyst estimates of $101.49 million. During the same quarter in the prior year, the company earned $0.22 EPS. Gorman-Rupp’s revenue was up 9.5% on a year-over-year basis.

The business also recently declared a quarterly dividend, which was paid on Monday, December 10th. Shareholders of record on Thursday, November 15th were given a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $0.54 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.13.

Separately, ValuEngine lowered Gorman-Rupp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd.

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Gorman-Rupp Company Profile

The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems worldwide. 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.

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Institutional Ownership by Quarter for Gorman-Rupp (NYSE:GRC)

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