Summit Global Investments Takes Position in The Gorman-Rupp Company (NYSE:GRC)

Summit Global Investments bought a new position in shares of The Gorman-Rupp Company (NYSE:GRC - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,058 shares of the industrial products company's stock, valued at approximately $470,000.

A number of other institutional investors have also recently modified their holdings of GRC. Dimensional Fund Advisors LP raised its stake in Gorman-Rupp by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company's stock worth $49,156,000 after acquiring an additional 17,340 shares in the last quarter. Renaissance Technologies LLC boosted its position in Gorman-Rupp by 20.7% in the second quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company's stock valued at $4,434,000 after buying an additional 20,689 shares in the last quarter. Robeco Schweiz AG bought a new stake in shares of Gorman-Rupp during the second quarter worth $7,876,000. Creative Planning increased its holdings in shares of Gorman-Rupp by 19.6% during the second quarter. Creative Planning now owns 8,888 shares of the industrial products company's stock worth $326,000 after buying an additional 1,454 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Gorman-Rupp by 44.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 79,770 shares of the industrial products company's stock valued at $3,107,000 after acquiring an additional 24,683 shares during the last quarter. 59.26% of the stock is currently owned by institutional investors.

Gorman-Rupp Trading Up 1.4 %

NYSE GRC traded up $0.58 during trading hours on Monday, reaching $42.74. The company's stock had a trading volume of 21,054 shares, compared to its average volume of 87,321. The firm has a fifty day simple moving average of $38.28 and a 200-day simple moving average of $37.17. The stock has a market cap of $1.12 billion, a P/E ratio of 29.38, a P/E/G ratio of 1.82 and a beta of 0.92. The Gorman-Rupp Company has a 52 week low of $30.08 and a 52 week high of $42.89. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38.

Gorman-Rupp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a $0.185 dividend. This is a positive change from Gorman-Rupp's previous quarterly dividend of $0.18. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, November 15th. Gorman-Rupp's payout ratio is currently 51.03%.

Analyst Upgrades and Downgrades

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

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.