State of New Jersey Common Pension Fund D lifted its holdings in The Gorman-Rupp Company (NYSE:GRC – Get Rating) by 207.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,088 shares of the industrial products company’s stock after purchasing an additional 35,796 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.20% of Gorman-Rupp worth $1,905,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. First Trust Advisors LP increased its holdings in Gorman-Rupp by 11.6% during the fourth quarter. First Trust Advisors LP now owns 579,578 shares of the industrial products company’s stock worth $25,820,000 after buying an additional 60,124 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Gorman-Rupp by 22.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 418,149 shares of the industrial products company’s stock worth $18,629,000 after buying an additional 76,787 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Gorman-Rupp by 16.8% during the fourth quarter. Victory Capital Management Inc. now owns 208,053 shares of the industrial products company’s stock worth $9,269,000 after buying an additional 29,881 shares during the last quarter. Fruth Investment Management increased its holdings in Gorman-Rupp by 2.0% during the first quarter. Fruth Investment Management now owns 69,383 shares of the industrial products company’s stock worth $2,489,000 after buying an additional 1,359 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Gorman-Rupp during the first quarter worth $2,271,000. Institutional investors own 55.88% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on GRC shares. TheStreet downgraded shares of Gorman-Rupp from a “b-” rating to a “c+” rating in a report on Wednesday, June 8th. StockNews.com downgraded shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Tuesday.
Gorman-Rupp Price Performance
Gorman-Rupp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Monday, August 15th will be issued a $0.17 dividend. The ex-dividend date is Friday, August 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.36%. Gorman-Rupp’s dividend payout ratio is currently 80.95%.
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.
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