Needham Investment Management LLC Acquires 87,500 Shares of The Gorman-Rupp Company (NYSE:GRC)

Needham Investment Management LLC increased its holdings in shares of The Gorman-Rupp Company (NYSE:GRC) by 218.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 127,500 shares of the industrial products company’s stock after acquiring an additional 87,500 shares during the quarter. Needham Investment Management LLC owned about 0.49% of Gorman-Rupp worth $4,966,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GRC. Mechanics Financial Corp grew its stake in Gorman-Rupp by 105.7% in the 3rd quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company’s stock valued at $39,450,000 after buying an additional 520,361 shares during the last quarter. Robeco Schweiz AG bought a new position in Gorman-Rupp during the second quarter worth about $7,876,000. Assenagon Asset Management S.A. raised its stake in Gorman-Rupp by 44.8% in 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 in the last quarter. Renaissance Technologies LLC boosted its holdings in Gorman-Rupp by 20.7% in the 2nd quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company’s stock valued at $4,434,000 after purchasing an additional 20,689 shares during the period. Finally, Cooke & Bieler LP grew its position in Gorman-Rupp by 3.3% during the second quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company’s stock worth $20,683,000 after buying an additional 17,977 shares in the last quarter. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Price Performance

Gorman-Rupp stock traded down $0.29 during midday trading on Tuesday, reaching $42.53. The company’s stock had a trading volume of 3,958 shares, compared to its average volume of 85,161. The Gorman-Rupp Company has a 52 week low of $30.47 and a 52 week high of $43.79. 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 stock has a market cap of $1.12 billion, a PE ratio of 29.50, a price-to-earnings-growth ratio of 1.84 and a beta of 0.95. The business has a 50-day moving average price of $39.72 and a 200-day moving average price of $38.19.

Gorman-Rupp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.74 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s payout ratio is currently 51.03%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Friday.

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.