Needham Investment Management LLC Acquires 60,000 Shares of Gorman-Rupp Company (The) $GRC

Needham Investment Management LLC lifted its holdings in Gorman-Rupp Company (The) (NYSE:GRC) by 30.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 260,000 shares of the industrial products company’s stock after acquiring an additional 60,000 shares during the quarter. Needham Investment Management LLC owned 0.99% of Gorman-Rupp worth $12,415,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Gorman-Rupp by 43.2% in the third quarter. JPMorgan Chase & Co. now owns 67,990 shares of the industrial products company’s stock worth $3,155,000 after purchasing an additional 20,522 shares during the last quarter. Victory Capital Management Inc. boosted its position in Gorman-Rupp by 2,664,700.0% during the third quarter. Victory Capital Management Inc. now owns 266,480 shares of the industrial products company’s stock valued at $12,367,000 after buying an additional 266,470 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Gorman-Rupp by 42.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,382 shares of the industrial products company’s stock valued at $5,891,000 after buying an additional 37,037 shares during the last quarter. Teton Advisors LLC bought a new position in shares of Gorman-Rupp during the third quarter valued at about $2,191,000. Finally, SG Americas Securities LLC increased its holdings in shares of Gorman-Rupp by 222.3% in the fourth quarter. SG Americas Securities LLC now owns 11,096 shares of the industrial products company’s stock worth $530,000 after buying an additional 7,653 shares during the period. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

Gorman-Rupp stock opened at $85.57 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 1.76 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.26 billion, a P/E ratio of 38.37, a P/E/G ratio of 2.50 and a beta of 1.31. Gorman-Rupp Company has a 1-year low of $34.96 and a 1-year high of $86.58. The firm has a 50-day moving average of $73.78 and a 200-day moving average of $62.27.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.19. Gorman-Rupp had a return on equity of 15.08% and a net margin of 8.45%.The company had revenue of $176.59 million for the quarter, compared to the consensus estimate of $170.61 million. Sell-side analysts expect that Gorman-Rupp Company will post 2.6 EPS for the current year.

Gorman-Rupp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, May 15th. Gorman-Rupp’s dividend payout ratio is currently 34.08%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GRC shares. Weiss Ratings cut Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday. Zacks Research upgraded Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Freedom Capital raised Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Gorman-Rupp Company Profile

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.