Johnson Investment Counsel Inc. Cuts Holdings in The Gorman-Rupp Company (NYSE:GRC)

Johnson Investment Counsel Inc. decreased its position in shares of The Gorman-Rupp Company (NYSE:GRC) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,415 shares of the industrial products company’s stock after selling 8,600 shares during the period. Johnson Investment Counsel Inc.’s holdings in Gorman-Rupp were worth $1,836,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GRC. Mechanics Financial Corp grew its position in shares of Gorman-Rupp by 105.7% during the third quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company’s stock valued at $39,450,000 after purchasing an additional 520,361 shares in the last quarter. Needham Investment Management LLC lifted its holdings in shares of Gorman-Rupp by 218.8% in the 3rd quarter. Needham Investment Management LLC now owns 127,500 shares of the industrial products company’s stock valued at $4,966,000 after acquiring an additional 87,500 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Gorman-Rupp in the 4th quarter valued at about $1,100,000. Barclays PLC lifted its holdings in shares of Gorman-Rupp by 317.9% in the 3rd quarter. Barclays PLC now owns 34,777 shares of the industrial products company’s stock valued at $1,355,000 after acquiring an additional 26,455 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Gorman-Rupp by 54.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 73,454 shares of the industrial products company’s stock valued at $2,861,000 after acquiring an additional 25,977 shares during the last quarter. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Gorman-Rupp Stock Up 0.6 %

Shares of NYSE:GRC opened at $37.75 on Wednesday. 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 Gorman-Rupp Company has a 12 month low of $30.47 and a 12 month high of $43.79. The company has a 50-day moving average price of $37.89 and a 200 day moving average price of $38.87. The company has a market cap of $990.11 million, a price-to-earnings ratio of 24.67, a PEG ratio of 1.54 and a beta of 0.94.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings data on Friday, February 7th. The industrial products company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.03). Gorman-Rupp had a return on equity of 12.79% and a net margin of 6.08%. During the same quarter in the prior year, the company posted $0.34 earnings per share. As a group, equities research analysts predict that The Gorman-Rupp Company will post 1.98 earnings per share for the current year.

Gorman-Rupp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Friday, February 14th. Gorman-Rupp’s payout ratio is currently 48.37%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 25th.

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.