Principal Financial Group Inc. Makes New $399,000 Investment in The Gorman-Rupp Company (NYSE:GRC)

Principal Financial Group Inc. bought a new stake in The Gorman-Rupp Company (NYSE:GRC) during the 3rd quarter, Holdings Channel reports. The firm bought 10,233 shares of the industrial products company’s stock, valued at approximately $399,000.

A number of other institutional investors have also modified their holdings of the stock. Farther Finance Advisors LLC grew its position in Gorman-Rupp by 5,461.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company’s stock valued at $28,000 after buying an additional 710 shares during the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of Gorman-Rupp in the 3rd quarter worth $29,000. nVerses Capital LLC purchased a new stake in shares of Gorman-Rupp in the third quarter valued at about $31,000. Copeland Capital Management LLC acquired a new position in shares of Gorman-Rupp during the third quarter worth about $58,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Gorman-Rupp during the third quarter worth about $62,000. Institutional investors and hedge funds own 59.26% of the company’s stock.

Analysts Set New Price Targets

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

Gorman-Rupp Price Performance

Shares of NYSE:GRC opened at $37.42 on Monday. The firm has a market capitalization of $981.53 million, a price-to-earnings ratio of 25.81, a price-to-earnings-growth ratio of 1.75 and a beta of 0.95. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38. The business’s 50 day simple moving average is $40.38 and its 200-day simple moving average is $39.01. The Gorman-Rupp Company has a 12 month low of $30.47 and a 12 month high of $43.79.

Gorman-Rupp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were given a $0.185 dividend. The ex-dividend date was Friday, November 15th. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. This represents a $0.74 annualized dividend and a dividend yield of 1.98%. Gorman-Rupp’s payout ratio is currently 51.03%.

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.