US Bancorp DE Trims Position in The Gorman-Rupp Company (NYSE:GRC)

US Bancorp DE lessened its holdings in shares of The Gorman-Rupp Company (NYSE:GRC) by 0.4% during the third quarter, HoldingsChannel reports. The firm owned 69,561 shares of the industrial products company’s stock after selling 309 shares during the quarter. US Bancorp DE’s holdings in Gorman-Rupp were worth $2,709,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Financial Management Professionals Inc. purchased a new position in shares of Gorman-Rupp during the 3rd quarter worth $29,000. Assenagon Asset Management S.A. lifted its stake in shares of Gorman-Rupp by 44.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 79,770 shares of the industrial products company’s stock worth $3,107,000 after purchasing an additional 24,683 shares during the period. Copeland Capital Management LLC purchased a new position in shares of Gorman-Rupp in the 3rd quarter worth $58,000. nVerses Capital LLC purchased a new position in shares of Gorman-Rupp in the 3rd quarter worth $31,000. Finally, Inspire Investing LLC purchased a new position in shares of Gorman-Rupp in the 3rd quarter worth $425,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Wall Street Analyst Weigh In

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

Gorman-Rupp Trading Up 2.4 %

Shares of GRC opened at $38.78 on Wednesday. The company has a current ratio of 2.39, a quick ratio of 1.38 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.02 billion, a P/E ratio of 26.71, a price-to-earnings-growth ratio of 1.61 and a beta of 0.92. The stock’s fifty day simple moving average is $38.09 and its 200 day simple moving average is $37.03. The Gorman-Rupp Company has a twelve month low of $29.75 and a twelve month high of $42.24.

Gorman-Rupp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Friday, November 15th. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s payout ratio is currently 49.66%.

Gorman-Rupp 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.