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The Gorman-Rupp Company (NYSE:GRC - Get Rating) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 390,100 shares, a growth of 9.1% from the August 15th total of 357,400 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 63,700 shares, the days-to-cover ratio is currently 6.1 days. Gorman-Rupp Trading Up 0.9 %
GRC traded up $0.22 during trading hours on Wednesday, reaching $25.89. 79 shares of the company's stock traded hands, compared to its average volume of 79,383. The firm has a 50-day moving average price of $27.45 and a 200 day moving average price of $30.44. Gorman-Rupp has a 52-week low of $24.64 and a 52-week high of $47.12. The company has a quick ratio of 1.33, a current ratio of 2.42 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $675.47 million, a PE ratio of 30.56 and a beta of 0.67. Gorman-Rupp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 15th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Friday, August 12th. Gorman-Rupp's payout ratio is currently 80.95%. Insider Buying and Selling
In other news, Chairman Jeffrey S. Gorman bought 5,000 shares of the company's stock in a transaction on Wednesday, August 24th. The shares were acquired at an average cost of $26.29 per share, with a total value of $131,450.00. Following the completion of the transaction, the chairman now owns 128,656 shares of the company's stock, valued at approximately $3,382,366.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Scott A. King acquired 2,500 shares of Gorman-Rupp stock in a transaction on Tuesday, August 30th. The shares were acquired at an average price of $25.95 per share, with a total value of $64,875.00. Following the purchase, the chief executive officer now directly owns 25,936 shares in the company, valued at approximately $673,039.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Jeffrey S. Gorman acquired 5,000 shares of Gorman-Rupp stock in a transaction on Wednesday, August 24th. The stock was purchased at an average cost of $26.29 per share, for a total transaction of $131,450.00. Following the purchase, the chairman now owns 128,656 shares in the company, valued at $3,382,366.24. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 8,500 shares of company stock worth $225,205. 7.20% of the stock is owned by corporate insiders. Institutional Investors Weigh In On Gorman-Rupp
Several hedge funds have recently made changes to their positions in GRC. Quantbot Technologies LP purchased a new stake in shares of Gorman-Rupp in the 2nd quarter worth $28,000. Bell Investment Advisors Inc purchased a new stake in shares of Gorman-Rupp during the 4th quarter worth $29,000. Tompkins Financial Corp purchased a new stake in shares of Gorman-Rupp during the 2nd quarter worth $34,000. Kepos Capital LP purchased a new stake in shares of Gorman-Rupp during the 4th quarter worth $71,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Gorman-Rupp during the 1st quarter worth $77,000. 59.44% of the stock is currently owned by hedge funds and other institutional investors. Analyst Ratings Changes
Several research firms have recently weighed in on GRC. TheStreet downgraded Gorman-Rupp from a "b-" rating to a "c+" rating in a research report on Wednesday, June 8th. StockNews.com upgraded Gorman-Rupp from a "sell" rating to a "hold" rating in a report on Thursday, August 18th.About Gorman-Rupp (Get Rating)
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.Further ReadingGet a free copy of the StockNews.com research report on Gorman-Rupp (GRC)3 Defensive Stocks With 60-Year Dividend Hike StreaksGeneral Mills: Superior Returns With Less Volatility 3 Airline Stocks Stuck in a Holding PatternRoku Stock is Down but Not Out If You’re Hungry for Value, Take a Bite on Ruth's Hospitality Grp
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