State Street Corp Lowers Stock Holdings in The Gorman-Rupp Company (NYSE:GRC)

State Street Corp lessened its holdings in shares of The Gorman-Rupp Company (NYSE:GRC) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 523,614 shares of the industrial products company’s stock after selling 13,692 shares during the quarter. State Street Corp owned approximately 2.00% of Gorman-Rupp worth $20,395,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Farther Finance Advisors LLC grew its holdings in 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 purchasing an additional 710 shares during the period. Financial Management Professionals Inc. acquired a new position in shares of Gorman-Rupp in the 3rd quarter valued at $29,000. nVerses Capital LLC purchased a new stake in shares of Gorman-Rupp during the 3rd quarter valued at $31,000. Copeland Capital Management LLC acquired a new stake in shares of Gorman-Rupp during the 3rd quarter worth $58,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Gorman-Rupp in the 3rd quarter worth $62,000. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Down 1.6 %

GRC opened at $38.50 on Tuesday. The company has a market cap of $1.01 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 1.82 and a beta of 0.95. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39. The Gorman-Rupp Company has a 1 year low of $30.47 and a 1 year high of $43.79. The firm has a 50 day moving average price of $40.45 and a 200 day moving average price of $38.92.

Gorman-Rupp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th were paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio (DPR) is currently 51.03%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 29th.

About Gorman-Rupp

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.