Fmr LLC Acquires 8,112 Shares of The Gorman-Rupp Company (NYSE:GRC)

Fmr LLC grew its holdings in The Gorman-Rupp Company (NYSE:GRC) by 70.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,679 shares of the industrial products company’s stock after purchasing an additional 8,112 shares during the period. Fmr LLC’s holdings in Gorman-Rupp were worth $766,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in Gorman-Rupp by 1.3% in 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 period. Mechanics Financial Corp lifted its holdings in shares of Gorman-Rupp by 105.7% in the third quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company’s stock worth $39,450,000 after buying an additional 520,361 shares in the last quarter. Cooke & Bieler LP boosted its position in shares of Gorman-Rupp by 3.3% in the second quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company’s stock valued at $20,683,000 after acquiring an additional 17,977 shares during the period. Robeco Schweiz AG purchased a new position in Gorman-Rupp during the second quarter valued at approximately $7,876,000. Finally, Renaissance Technologies LLC increased its holdings in Gorman-Rupp by 20.7% during the 2nd quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company’s stock worth $4,434,000 after acquiring an additional 20,689 shares during the period. Institutional investors own 59.26% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Friday, November 29th.

Gorman-Rupp Price Performance

Gorman-Rupp stock opened at $41.14 on Wednesday. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 1.82 and a beta of 0.95. The company has a quick ratio of 1.38, a current ratio of 2.39 and a debt-to-equity ratio of 0.99. The business has a 50-day simple moving average of $40.36 and a 200 day simple moving average of $38.79. The Gorman-Rupp Company has a 52 week low of $30.47 and a 52 week high of $43.79.

Gorman-Rupp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.80%. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, November 15th. Gorman-Rupp’s dividend payout ratio is 51.03%.

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.