Gorman-Rupp Co (NYSE:GRC) Sees Large Growth in Short Interest

Gorman-Rupp Co (NYSE:GRC) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 302,500 shares, a growth of 13.2% from the September 30th total of 267,200 shares. Based on an average daily volume of 50,800 shares, the short-interest ratio is presently 6.0 days. Approximately 1.7% of the shares of the stock are sold short.

In other news, Director Christopher H. Lake sold 2,000 shares of Gorman-Rupp stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $36.46, for a total value of $72,920.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.40% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in GRC. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Gorman-Rupp by 51.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,315 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 447 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in Gorman-Rupp during the third quarter valued at approximately $49,000. Bank of Montreal Can grew its position in Gorman-Rupp by 389.9% during the second quarter. Bank of Montreal Can now owns 1,847 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 1,470 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Gorman-Rupp during the second quarter valued at approximately $88,000. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in Gorman-Rupp during the third quarter valued at approximately $201,000. 52.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of GRC traded down $0.08 during mid-day trading on Friday, hitting $36.11. The company’s stock had a trading volume of 17,667 shares, compared to its average volume of 54,135. The firm has a 50-day moving average price of $35.50 and a 200 day moving average price of $32.54. The stock has a market capitalization of $945.77 million, a price-to-earnings ratio of 25.13 and a beta of 0.97. Gorman-Rupp has a fifty-two week low of $29.00 and a fifty-two week high of $38.00.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings data on Friday, October 25th. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). The business had revenue of $99.30 million during the quarter, compared to analyst estimates of $101.86 million. Gorman-Rupp had a return on equity of 12.52% and a net margin of 9.07%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a $0.145 dividend. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.14. This represents a $0.58 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Thursday, November 14th.

Gorman-Rupp Company Profile

The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems worldwide. 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.

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