Mechanics Financial Corp Has $39.45 Million Stake in The Gorman-Rupp Company (NYSE:GRC)

Mechanics Financial Corp lifted its position in The Gorman-Rupp Company (NYSE:GRC) by 105.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,012,825 shares of the industrial products company’s stock after purchasing 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 position. Mechanics Financial Corp’s holdings in Gorman-Rupp were worth $39,450,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its stake in Gorman-Rupp by 5,461.5% during the third quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company’s stock worth $28,000 after buying an additional 710 shares during the period. Financial Management Professionals Inc. bought a new position in Gorman-Rupp in the 3rd quarter worth about $29,000. nVerses Capital LLC purchased a new position in shares of Gorman-Rupp during the third quarter worth approximately $31,000. CWM LLC raised its stake in shares of Gorman-Rupp by 76.8% during the second quarter. CWM LLC now owns 921 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 400 shares in the last quarter. Finally, Copeland Capital Management LLC purchased a new stake in shares of Gorman-Rupp in the third quarter valued at approximately $58,000. 59.26% of the stock is currently owned by hedge funds and other institutional investors.

Gorman-Rupp Price Performance

GRC opened at $40.71 on Friday. The firm has a market capitalization of $1.07 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 1.76 and a beta of 0.92. 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 business’s 50-day moving average is $38.73 and its two-hundred day moving average is $37.44. The Gorman-Rupp Company has a 1 year low of $30.47 and a 1 year high of $42.89.

Gorman-Rupp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.82%. The ex-dividend date is Friday, November 15th. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio (DPR) is currently 49.66%.

Analyst Upgrades and Downgrades

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

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.