Gorman-Rupp Co (NYSE:GRC) Stake Reduced by Panagora Asset Management Inc.
Panagora Asset Management Inc. reduced its stake in shares of Gorman-Rupp Co (NYSE:GRC) by 22.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,980 shares of the industrial products company’s stock after selling 9,329 shares during the quarter. Panagora Asset Management Inc. owned about 0.13% of Gorman-Rupp worth $1,083,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Rockefeller Capital Management L.P. grew its stake in shares of Gorman-Rupp by 4.6% in the first quarter. Rockefeller Capital Management L.P. now owns 19,921 shares of the industrial products company’s stock worth $676,000 after purchasing an additional 884 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Gorman-Rupp by 1.6% during the first quarter. Janney Montgomery Scott LLC now owns 28,374 shares of the industrial products company’s stock valued at $963,000 after buying an additional 452 shares in the last quarter. ClariVest Asset Management LLC boosted its stake in Gorman-Rupp by 6.4% during the first quarter. ClariVest Asset Management LLC now owns 28,300 shares of the industrial products company’s stock valued at $960,000 after buying an additional 1,700 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in Gorman-Rupp during the first quarter valued at about $890,000. Finally, Assenagon Asset Management S.A. boosted its stake in Gorman-Rupp by 57.2% during the first quarter. Assenagon Asset Management S.A. now owns 55,326 shares of the industrial products company’s stock valued at $1,878,000 after buying an additional 20,126 shares in the last quarter. Hedge funds and other institutional investors own 53.17% of the company’s stock.
In other news, Treasurer Angela M. Morehead bought 1,486 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $30.50 per share, with a total value of $45,323.00. Following the completion of the purchase, the treasurer now directly owns 1,987 shares of the company’s stock, valued at approximately $60,603.50. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 12.40% of the company’s stock.
Gorman-Rupp (NYSE:GRC) last announced its earnings results on Friday, July 26th. The industrial products company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Gorman-Rupp had a return on equity of 13.12% and a net margin of 9.22%. The business had revenue of $108.30 million during the quarter, compared to analysts’ expectations of $112.95 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 15th will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $0.54 annualized dividend and a yield of 1.77%.
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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