Mechanics Financial Corp Has $39.45 Million Stock Holdings in The Gorman-Rupp Company (NYSE:GRC)

Mechanics Financial Corp raised its position in The Gorman-Rupp Company (NYSE:GRC - Free Report) by 105.7% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,012,825 shares of the industrial products company's stock after acquiring an additional 520,361 shares during the period. Gorman-Rupp comprises 17.3% of Mechanics Financial Corp's portfolio, making the stock its biggest position. Mechanics Financial Corp owned about 3.86% of Gorman-Rupp worth $39,450,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Cornercap Investment Counsel Inc. acquired a new stake in Gorman-Rupp in the third quarter valued at $501,000. Summit Global Investments acquired a new position in Gorman-Rupp in the 3rd quarter valued at $470,000. Principal Financial Group Inc. acquired a new stake in shares of Gorman-Rupp during the third quarter worth $399,000. Farther Finance Advisors LLC boosted its position in shares of Gorman-Rupp by 5,461.5% in the third quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 710 shares during the period. Finally, Creative Financial Designs Inc. ADV grew its stake in shares of Gorman-Rupp by 3.7% in the third quarter. Creative Financial Designs Inc. ADV now owns 20,012 shares of the industrial products company's stock valued at $779,000 after acquiring an additional 710 shares in the last quarter. Institutional investors and hedge funds own 59.26% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research note on Wednesday.

Gorman-Rupp Price Performance

GRC stock traded down $0.11 during trading on Friday, reaching $40.71. 48,248 shares of the company were exchanged, compared to its average volume of 66,376. The Gorman-Rupp Company has a twelve month low of $30.47 and a twelve month 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. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 1.76 and a beta of 0.92. The company has a 50-day moving average of $38.73 and a two-hundred day moving average of $37.48.

Gorman-Rupp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.185 dividend. This is a boost from Gorman-Rupp's previous quarterly dividend of $0.18. This represents a $0.74 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Friday, November 15th. Gorman-Rupp's dividend payout ratio is 49.66%.

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.