The Gorman-Rupp Company (NYSE:GRC) Stake Lifted by Mechanics Financial Corp

Mechanics Financial Corp increased its holdings in The Gorman-Rupp Company (NYSE:GRC) by 105.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,012,825 shares of the industrial products company’s stock after acquiring an additional 520,361 shares during the quarter. Gorman-Rupp comprises about 17.3% of Mechanics Financial Corp’s investment portfolio, making the stock its biggest holding. Mechanics Financial Corp owned about 3.86% of Gorman-Rupp worth $39,450,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in Gorman-Rupp by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company’s stock valued at $49,156,000 after purchasing an additional 17,340 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Gorman-Rupp by 20.7% in the second quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company’s stock worth $4,434,000 after buying an additional 20,689 shares in the last quarter. Robeco Schweiz AG purchased a new stake in shares of Gorman-Rupp during the second quarter valued at approximately $7,876,000. Summit Global Investments bought a new stake in shares of Gorman-Rupp during the third quarter valued at approximately $470,000. Finally, Creative Planning raised its holdings in Gorman-Rupp by 19.6% in the 2nd quarter. Creative Planning now owns 8,888 shares of the industrial products company’s stock worth $326,000 after acquiring an additional 1,454 shares during the last quarter. 59.26% of the stock is owned by institutional investors.

Gorman-Rupp Price Performance

NYSE GRC opened at $40.71 on Friday. The Gorman-Rupp Company has a one year low of $30.47 and a one year high of $42.89. The stock has a 50-day moving average of $38.73 and a 200 day moving average of $37.44. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 1.76 and a beta of 0.92.

Gorman-Rupp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be issued 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 dividend on an annualized basis and a dividend yield of 1.82%. Gorman-Rupp’s dividend payout ratio (DPR) is presently 49.66%.

Wall Street Analyst Weigh In

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

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.