Shell Asset Management Co. lowered its stake in The Gorman-Rupp Company (NYSE:GRC – Get Rating) by 12.9% in the first quarter, Holdings Channel reports. The fund owned 9,759 shares of the industrial products company’s stock after selling 1,445 shares during the quarter. Shell Asset Management Co.’s holdings in Gorman-Rupp were worth $350,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in GRC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Gorman-Rupp by 22.5% in 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 acquiring an additional 76,787 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Gorman-Rupp in the first quarter worth about $2,271,000. Lbmc Investment Advisors LLC lifted its holdings in shares of Gorman-Rupp by 8,757.4% in the fourth quarter. Lbmc Investment Advisors LLC now owns 61,116 shares of the industrial products company’s stock worth $2,723,000 after acquiring an additional 60,426 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Gorman-Rupp by 11.6% in the fourth quarter. First Trust Advisors LP now owns 579,578 shares of the industrial products company’s stock worth $25,820,000 after acquiring an additional 60,124 shares during the last quarter. Finally, EAM Global Investors LLC bought a new position in shares of Gorman-Rupp in the fourth quarter worth about $2,197,000. Institutional investors own 55.88% of the company’s stock.
Analyst Ratings Changes
GRC has been the subject of a number of research reports. TheStreet cut shares of Gorman-Rupp from a “b-” rating to a “c+” rating in a report on Wednesday, June 8th. StockNews.com lowered shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Tuesday.
Gorman-Rupp Price Performance
Gorman-Rupp Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Monday, August 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, August 12th. Gorman-Rupp’s dividend payout ratio is presently 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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