Millennium Management LLC Has $4.34 Million Stake in The Gorman-Rupp Company (NYSE:GRC)

Millennium Management LLC lowered its holdings in The Gorman-Rupp Company (NYSE:GRC - Free Report) by 42.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,284 shares of the industrial products company's stock after selling 88,186 shares during the period. Millennium Management LLC owned about 0.45% of Gorman-Rupp worth $4,342,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in GRC. Bailard Inc. lifted its stake in Gorman-Rupp by 1.8% in the second quarter. Bailard Inc. now owns 20,995 shares of the industrial products company's stock valued at $771,000 after acquiring an additional 378 shares during the last quarter. CWM LLC lifted its stake in shares of Gorman-Rupp by 76.8% during the 2nd quarter. CWM LLC now owns 921 shares of the industrial products company's stock worth $34,000 after buying an additional 400 shares during the last quarter. ClariVest Asset Management LLC lifted its stake in shares of Gorman-Rupp by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 18,920 shares of the industrial products company's stock worth $695,000 after buying an additional 529 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Gorman-Rupp by 63.8% during the 1st quarter. Lazard Asset Management LLC now owns 2,047 shares of the industrial products company's stock worth $80,000 after buying an additional 797 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Gorman-Rupp by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,645 shares of the industrial products company's stock worth $659,000 after buying an additional 980 shares during the last quarter. Institutional investors own 59.26% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Gorman-Rupp from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, August 6th.

Gorman-Rupp Price Performance

GRC stock traded up $0.91 during mid-day trading on Friday, hitting $38.92. The stock had a trading volume of 43,993 shares, compared to its average volume of 90,216. The company has a current ratio of 2.45, a quick ratio of 1.44 and a debt-to-equity ratio of 1.05. The Gorman-Rupp Company has a 52 week low of $28.87 and a 52 week high of $42.24. The firm has a market capitalization of $1.02 billion, a P/E ratio of 28.20, a P/E/G ratio of 1.60 and a beta of 0.91. The firm has a fifty day simple moving average of $38.02 and a 200 day simple moving average of $36.99.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its earnings results on Friday, July 26th. The industrial products company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.44 by $0.10. Gorman-Rupp had a net margin of 5.20% and a return on equity of 11.39%. The firm had revenue of $169.51 million for the quarter, compared to analyst estimates of $174.44 million. As a group, research analysts forecast that The Gorman-Rupp Company will post 1.85 EPS for the current year.

Gorman-Rupp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend was Thursday, August 15th. Gorman-Rupp's dividend payout ratio is currently 52.17%.

Gorman-Rupp 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.