Franklin Resources Inc. Takes $560,000 Position in Gorman-Rupp Company (The) $GRC

Franklin Resources Inc. purchased a new position in Gorman-Rupp Company (The) (NYSE:GRC) during the second quarter, HoldingsChannel reports. The firm purchased 15,250 shares of the industrial products company’s stock, valued at approximately $560,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Legal & General Group Plc grew its stake in Gorman-Rupp by 11.8% in the 2nd quarter. Legal & General Group Plc now owns 263,975 shares of the industrial products company’s stock worth $9,719,000 after acquiring an additional 27,856 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Gorman-Rupp by 16.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,164 shares of the industrial products company’s stock valued at $190,000 after acquiring an additional 746 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Gorman-Rupp by 3.0% in the second quarter. Geode Capital Management LLC now owns 520,534 shares of the industrial products company’s stock valued at $19,117,000 after purchasing an additional 14,997 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Gorman-Rupp by 7.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,061 shares of the industrial products company’s stock worth $2,683,000 after purchasing an additional 5,114 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Gorman-Rupp by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,333 shares of the industrial products company’s stock valued at $6,695,000 after purchasing an additional 2,496 shares in the last quarter. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GRC. Wall Street Zen upgraded Gorman-Rupp from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Gorman-Rupp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy”.

Gorman-Rupp Price Performance

Shares of GRC stock opened at $46.35 on Tuesday. The stock’s 50-day moving average is $45.77 and its 200 day moving average is $41.99. Gorman-Rupp Company has a 1-year low of $30.87 and a 1-year high of $49.24. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.08 and a quick ratio of 1.25. The company has a market cap of $1.22 billion, a P/E ratio of 24.27, a PEG ratio of 1.77 and a beta of 1.29.

Gorman-Rupp (NYSE:GRC) last released its quarterly earnings results on Friday, October 24th. The industrial products company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). Gorman-Rupp had a net margin of 7.41% and a return on equity of 13.49%. The firm had revenue of $172.83 million for the quarter, compared to analysts’ expectations of $174.61 million. Research analysts predict that Gorman-Rupp Company will post 1.98 earnings per share for the current fiscal year.

Gorman-Rupp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 14th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.6%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 14th. Gorman-Rupp’s payout ratio is 39.79%.

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.