State Street Corp lowered its holdings in shares of The Gorman-Rupp Company (NYSE:GRC - Free Report) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,614 shares of the industrial products company's stock after selling 13,692 shares during the period. State Street Corp owned approximately 2.00% of Gorman-Rupp worth $20,395,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Farther Finance Advisors LLC increased its position in Gorman-Rupp by 5,461.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company's stock valued at $28,000 after buying an additional 710 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in shares of Gorman-Rupp in the third quarter worth $29,000. nVerses Capital LLC bought a new position in shares of Gorman-Rupp during the third quarter valued at $31,000. Copeland Capital Management LLC purchased a new position in shares of Gorman-Rupp in the 3rd quarter worth about $58,000. Finally, Point72 Asset Management L.P. bought a new position in Gorman-Rupp in the 3rd quarter worth about $62,000. Institutional investors own 59.26% of the company's stock.
Gorman-Rupp Stock Up 0.4 %
Shares of GRC traded up $0.17 on Tuesday, hitting $38.67. 19,475 shares of the stock traded hands, compared to its average volume of 85,148. The Gorman-Rupp Company has a one year low of $30.47 and a one year high of $43.79. The company has a market capitalization of $1.01 billion, a PE ratio of 26.67, a P/E/G ratio of 1.82 and a beta of 0.95. The business has a 50 day simple moving average of $40.46 and a 200 day simple moving average of $38.93. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39.
Gorman-Rupp Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were given a $0.185 dividend. This is a positive change from Gorman-Rupp's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.74 dividend on an annualized basis and a yield of 1.91%. Gorman-Rupp's payout ratio is 51.03%.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research note on Friday, November 29th.
View Our Latest Report on GRC
Gorman-Rupp Company 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.
Further Reading
Before you consider Gorman-Rupp, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gorman-Rupp wasn't on the list.
While Gorman-Rupp currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
