Renaissance Technologies LLC Buys 20,689 Shares of The Gorman-Rupp Company (NYSE:GRC)

Renaissance Technologies LLC raised its stake in The Gorman-Rupp Company (NYSE:GRC) by 20.7% in the second quarter, Holdings Channel reports. The fund owned 120,789 shares of the industrial products company’s stock after purchasing an additional 20,689 shares during the quarter. Renaissance Technologies LLC’s holdings in Gorman-Rupp were worth $4,434,000 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 the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Gorman-Rupp by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company’s stock worth $49,156,000 after acquiring an additional 17,340 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Gorman-Rupp in the second quarter worth about $262,000. Robeco Schweiz AG acquired a new position in shares of Gorman-Rupp in the second quarter valued at approximately $7,876,000. American Century Companies Inc. increased its stake in shares of Gorman-Rupp by 12.6% in the second quarter. American Century Companies Inc. now owns 32,411 shares of the industrial products company’s stock valued at $1,190,000 after buying an additional 3,622 shares during the period. Finally, ClariVest Asset Management LLC increased its stake in shares of Gorman-Rupp by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 18,920 shares of the industrial products company’s stock valued at $695,000 after buying an additional 529 shares during the period. Institutional investors own 59.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 6th.

Gorman-Rupp Stock Performance

Gorman-Rupp stock opened at $38.61 on Friday. The business has a 50 day moving average of $38.39 and a 200-day moving average of $36.96. The Gorman-Rupp Company has a 1 year low of $28.87 and a 1 year high of $42.24. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.45 and a quick ratio of 1.44. The company has a market capitalization of $1.01 billion, a P/E ratio of 27.98, a P/E/G ratio of 1.61 and a beta of 0.92.

Gorman-Rupp (NYSE:GRC) last released its earnings results on Friday, July 26th. The industrial products company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.10. The business had revenue of $169.51 million during the quarter, compared to the consensus estimate of $174.44 million. Gorman-Rupp had a net margin of 5.20% and a return on equity of 11.39%. On average, equities research analysts predict that The Gorman-Rupp Company will post 1.85 earnings per share for the current year.

Gorman-Rupp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend was Thursday, August 15th. Gorman-Rupp’s dividend payout ratio is presently 52.17%.

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.