Posted by admin on Aug 9th, 2022
IndexIQ Advisors LLC bought a new position in shares of The Gorman-Rupp Company (NYSE:GRC – Get Rating) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 11,120 shares of the industrial products company’s stock, valued at approximately $399,000.
Other hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in shares of Gorman-Rupp by 3.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,715 shares of the industrial products company’s stock valued at $1,279,000 after purchasing an additional 975 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Gorman-Rupp in the 4th quarter valued at $438,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Gorman-Rupp in the 4th quarter valued at $770,000. Qube Research & Technologies Ltd raised its holdings in shares of Gorman-Rupp by 132.1% in the 4th quarter. Qube Research & Technologies Ltd now owns 20,340 shares of the industrial products company’s stock valued at $906,000 after purchasing an additional 11,576 shares in the last quarter. Finally, Intrust Bank NA raised its holdings in shares of Gorman-Rupp by 15.9% in the 4th quarter. Intrust Bank NA now owns 18,682 shares of the industrial products company’s stock valued at $832,000 after purchasing an additional 2,564 shares in the last quarter. 55.88% of the stock is currently owned by institutional investors and hedge funds.
NYSE GRC opened at $27.95 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.42 and a quick ratio of 1.33. The firm’s fifty day moving average price is $28.61 and its 200 day moving average price is $32.94. The company has a market capitalization of $728.91 million, a price-to-earnings ratio of 33.27 and a beta of 0.64. The Gorman-Rupp Company has a 12 month low of $26.83 and a 12 month high of $47.12.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Monday, August 15th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, August 12th. Gorman-Rupp’s dividend payout ratio (DPR) is 80.95%.
A number of brokerages have recently weighed in on GRC. StockNews.com lowered shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 2nd. TheStreet downgraded shares of Gorman-Rupp from a “b-” rating to a “c+” rating in a research report on Wednesday, June 8th.
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.
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