Cornercap Investment Counsel Inc. acquired a new position in The Gorman-Rupp Company (NYSE:GRC - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 12,870 shares of the industrial products company's stock, valued at approximately $501,000.
A number of other hedge funds also recently bought and sold shares of the business. Summit Global Investments purchased a new stake in Gorman-Rupp during the 3rd quarter worth approximately $470,000. Principal Financial Group Inc. acquired a new stake in shares of Gorman-Rupp during the 3rd quarter worth about $399,000. Farther Finance Advisors LLC lifted its holdings in shares of Gorman-Rupp by 5,461.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company's stock worth $28,000 after acquiring an additional 710 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its position in shares of Gorman-Rupp by 3.7% during the third quarter. Creative Financial Designs Inc. ADV now owns 20,012 shares of the industrial products company's stock worth $779,000 after buying an additional 710 shares during the period. Finally, Financial Management Professionals Inc. purchased a new position in Gorman-Rupp during the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 59.26% of the company's stock.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research note on Wednesday.
Check Out Our Latest Report on GRC
Gorman-Rupp Stock Down 0.3 %
NYSE:GRC traded down $0.11 during trading hours on Friday, hitting $40.71. The company's stock had a trading volume of 48,248 shares, compared to its average volume of 66,376. The stock has a market capitalization of $1.07 billion, a P/E ratio of 28.08, a price-to-earnings-growth ratio of 1.76 and a beta of 0.92. The company has a current ratio of 2.39, a quick ratio of 1.38 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average of $38.73 and a 200-day moving average of $37.48. The Gorman-Rupp Company has a 52-week low of $30.47 and a 52-week high of $42.89.
Gorman-Rupp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.82%. This is an increase from Gorman-Rupp's previous quarterly dividend of $0.18. The ex-dividend date is Friday, November 15th. Gorman-Rupp's dividend payout ratio is 49.66%.
Gorman-Rupp Profile
(
Free Report)
The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems in the United States and internationally. 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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