Mechanics Financial Corp Decreases Stake in The Gorman-Rupp Company (NYSE:GRC)

Mechanics Financial Corp cut its holdings in shares of The Gorman-Rupp Company (NYSE:GRC) by 52.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 492,464 shares of the industrial products company’s stock after selling 538,382 shares during the period. Gorman-Rupp accounts for approximately 9.9% of Mechanics Financial Corp’s portfolio, making the stock its largest position. Mechanics Financial Corp’s holdings in Gorman-Rupp were worth $17,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of GRC. Global Retirement Partners LLC grew its position in Gorman-Rupp by 92.2% in the fourth quarter. Global Retirement Partners LLC now owns 2,706 shares of the industrial products company’s stock worth $88,000 after acquiring an additional 1,298 shares in the last quarter. Jump Financial LLC bought a new position in Gorman-Rupp in the third quarter worth approximately $217,000. Arizona State Retirement System bought a new position in Gorman-Rupp in the third quarter worth approximately $221,000. State Board of Administration of Florida Retirement System bought a new position in Gorman-Rupp in the third quarter worth approximately $244,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Gorman-Rupp by 7.1% during the third quarter. Commonwealth Equity Services LLC now owns 8,794 shares of the industrial products company’s stock worth $289,000 after purchasing an additional 586 shares in the last quarter. 59.26% of the stock is owned by institutional investors.

Gorman-Rupp Stock Performance

Shares of NYSE GRC traded down $0.13 during mid-day trading on Thursday, hitting $32.66. The stock had a trading volume of 9,972 shares, compared to its average volume of 75,488. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.31 and a current ratio of 2.32. The company has a 50 day moving average of $36.96 and a two-hundred day moving average of $34.52. The Gorman-Rupp Company has a twelve month low of $23.62 and a twelve month high of $40.00. The firm has a market cap of $856.02 million, a PE ratio of 23.76, a PEG ratio of 1.65 and a beta of 0.97.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Thursday, April 25th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.05). Gorman-Rupp had a return on equity of 10.54% and a net margin of 5.52%. The firm had revenue of $159.27 million for the quarter, compared to analysts’ expectations of $168.49 million. Research analysts predict that The Gorman-Rupp Company will post 1.55 EPS for the current fiscal year.

Gorman-Rupp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Wednesday, May 15th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.72 dividend on an annualized basis and a yield of 2.20%. Gorman-Rupp’s payout ratio is 52.17%.

Gorman-Rupp Company 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.