Needham Investment Management LLC Has $4.97 Million Stake in The Gorman-Rupp Company (NYSE:GRC)

Needham Investment Management LLC increased its position in The Gorman-Rupp Company (NYSE:GRC) by 218.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 127,500 shares of the industrial products company’s stock after purchasing an additional 87,500 shares during the quarter. Needham Investment Management LLC’s holdings in Gorman-Rupp were worth $4,966,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GRC. Mechanics Financial Corp raised its holdings in 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 worth $39,450,000 after buying an additional 520,361 shares during the last quarter. Robeco Schweiz AG bought a new stake in shares of Gorman-Rupp during the second quarter worth about $7,876,000. Assenagon Asset Management S.A. increased its holdings in Gorman-Rupp by 44.8% during 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 raised its position 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 buying an additional 20,689 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in shares of Gorman-Rupp by 3.3% during the second quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company’s stock valued at $20,683,000 after purchasing an additional 17,977 shares in the last quarter. 59.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Gorman-Rupp Stock Performance

Shares of NYSE GRC traded down $0.29 during mid-day trading on Tuesday, reaching $42.53. 3,958 shares of the company’s stock were exchanged, 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 firm has a 50-day moving average price of $39.72 and a two-hundred day moving average price of $38.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 29.50, a price-to-earnings-growth ratio of 1.84 and a beta of 0.95.

Gorman-Rupp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.74 annualized dividend and a dividend yield of 1.74%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio (DPR) is presently 51.03%.

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.