Gorman-Rupp Co (NYSE:GRC) Sees Large Growth in Short Interest

Gorman-Rupp Co (NYSE:GRC) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 302,500 shares, a growth of 13.2% from the September 30th total of 267,200 shares. Based on an average daily trading volume, of 50,800 shares, the days-to-cover ratio is currently 6.0 days. Currently, 1.7% of the shares of the company are sold short.

In other news, Director Christopher H. Lake sold 2,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $36.46, for a total value of $72,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.40% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in GRC. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Gorman-Rupp by 51.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,315 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 447 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in Gorman-Rupp during the 3rd quarter valued at $49,000. Bank of Montreal Can raised its stake in Gorman-Rupp by 389.9% during the 2nd quarter. Bank of Montreal Can now owns 1,847 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 1,470 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Gorman-Rupp during the 2nd quarter valued at $88,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in Gorman-Rupp during the 3rd quarter valued at $201,000. Hedge funds and other institutional investors own 52.92% of the company’s stock.

NYSE:GRC traded down $0.08 during trading hours on Friday, hitting $36.11. 17,667 shares of the company traded hands, compared to its average volume of 54,135. The stock has a market capitalization of $945.77 million, a price-to-earnings ratio of 25.13 and a beta of 0.97. Gorman-Rupp has a twelve month low of $29.00 and a twelve month high of $38.00. The firm has a 50-day moving average of $35.50 and a 200 day moving average of $32.54.

Gorman-Rupp (NYSE:GRC) last released its earnings results on Friday, October 25th. The industrial products company reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). The company had revenue of $99.30 million for the quarter, compared to analyst estimates of $101.86 million. Gorman-Rupp had a net margin of 9.07% and a return on equity of 12.52%. Gorman-Rupp’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 earnings per share.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a dividend of $0.145 per share. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.14. This represents a $0.58 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, November 14th.

About Gorman-Rupp

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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