Geode Capital Management LLC Decreases Stake in The Gorman-Rupp Company (NYSE:GRC)

Geode Capital Management LLC reduced its stake in shares of The Gorman-Rupp Company (NYSE:GRC - Free Report) by 8.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 474,066 shares of the industrial products company's stock after selling 41,867 shares during the period. Geode Capital Management LLC owned 1.81% of Gorman-Rupp worth $18,469,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GRC. Dimensional Fund Advisors LP boosted its stake in shares of Gorman-Rupp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company's stock worth $49,156,000 after purchasing an additional 17,340 shares during the last quarter. Mechanics Financial Corp lifted its stake in shares of Gorman-Rupp by 105.7% during the third quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company's stock valued at $39,450,000 after buying an additional 520,361 shares during the period. Cooke & Bieler LP boosted its position in Gorman-Rupp by 3.3% during the second quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company's stock worth $20,683,000 after acquiring an additional 17,977 shares during the last quarter. Robeco Schweiz AG purchased a new stake in Gorman-Rupp in the 2nd quarter worth approximately $7,876,000. Finally, Needham Investment Management LLC raised its holdings in Gorman-Rupp by 218.8% in the 3rd quarter. Needham Investment Management LLC now owns 127,500 shares of the industrial products company's stock valued at $4,966,000 after acquiring an additional 87,500 shares during the last quarter. Institutional investors and hedge funds own 59.26% of the company's stock.

Gorman-Rupp Trading Down 1.2 %

NYSE:GRC traded down $0.48 during mid-day trading on Friday, reaching $38.23. The company's stock had a trading volume of 48,837 shares, compared to its average volume of 84,802. The Gorman-Rupp Company has a twelve month low of $30.47 and a twelve month high of $43.79. The company's fifty day simple moving average is $40.41 and its two-hundred day simple moving average is $38.96. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38. The stock has a market cap of $1.00 billion, a P/E ratio of 26.37, a P/E/G ratio of 1.82 and a beta of 0.95.

Gorman-Rupp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.94%. This is an increase from Gorman-Rupp's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, November 15th. Gorman-Rupp's payout ratio is presently 51.03%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a report on Friday, November 29th.

Gorman-Rupp Company Profile

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.