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

Principal Financial Group Inc. bought a new stake in shares of The Gorman-Rupp Company (NYSE:GRC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,233 shares of the industrial products company’s stock, valued at approximately $399,000.

Other hedge funds have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its holdings in shares of Gorman-Rupp by 147.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 18,360 shares of the industrial products company’s stock worth $726,000 after buying an additional 10,946 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in shares of Gorman-Rupp by 413.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 7,157 shares of the industrial products company’s stock valued at $283,000 after acquiring an additional 5,762 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of Gorman-Rupp by 55.3% in the first quarter. Quadrature Capital Ltd now owns 9,737 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 3,468 shares during the last quarter. Lazard Asset Management LLC boosted its position in Gorman-Rupp by 63.8% during the first quarter. Lazard Asset Management LLC now owns 2,047 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 797 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Gorman-Rupp by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,645 shares of the industrial products company’s stock valued at $659,000 after purchasing an additional 980 shares in the last quarter. 59.26% of the stock is owned by institutional investors and hedge funds.

Gorman-Rupp Price Performance

Shares of GRC stock opened at $42.58 on Monday. The stock’s fifty day simple moving average is $39.20 and its 200 day simple moving average is $37.78. The Gorman-Rupp Company has a one year low of $30.47 and a one year high of $42.89. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 29.37, a P/E/G ratio of 1.81 and a beta of 0.92. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38.

Gorman-Rupp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.185 dividend. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, November 15th. This represents a $0.74 annualized dividend and a yield of 1.74%. Gorman-Rupp’s payout ratio is presently 51.03%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a report on Thursday.

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.