The Gorman-Rupp Company (NYSE:GRC) is Mechanics Financial Corp’s Largest Position

Mechanics Financial Corp reduced its stake in The Gorman-Rupp Company (NYSE:GRC) by 52.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 492,464 shares of the industrial products company’s stock after selling 538,382 shares during the quarter. Gorman-Rupp makes up 9.9% of Mechanics Financial Corp’s investment portfolio, making the stock its largest holding. Mechanics Financial Corp owned 1.88% of Gorman-Rupp worth $17,497,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in GRC. Global Retirement Partners LLC boosted its position in shares of Gorman-Rupp by 92.2% during the 4th quarter. Global Retirement Partners LLC now owns 2,706 shares of the industrial products company’s stock valued at $88,000 after acquiring an additional 1,298 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Gorman-Rupp during the third quarter valued at approximately $217,000. Arizona State Retirement System bought a new stake in Gorman-Rupp in the third quarter worth $221,000. State Board of Administration of Florida Retirement System bought a new stake in Gorman-Rupp in the third quarter worth $244,000. Finally, Commonwealth Equity Services LLC boosted its holdings in Gorman-Rupp by 7.1% in the third quarter. Commonwealth Equity Services LLC now owns 8,794 shares of the industrial products company’s stock worth $289,000 after acquiring an additional 586 shares in the last quarter. 59.26% of the stock is owned by hedge funds and other institutional investors.

Gorman-Rupp Stock Performance

Shares of NYSE GRC traded down $0.13 during trading on Thursday, hitting $32.66. The company 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 Gorman-Rupp Company has a 12 month low of $23.62 and a 12 month high of $40.00. The stock has a 50 day simple moving average of $36.96 and a 200 day simple moving average of $34.52. The firm has a market capitalization of $856.02 million, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 1.65 and a beta of 0.97.

Gorman-Rupp (NYSE:GRC) last posted its quarterly earnings data 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). The company had revenue of $159.27 million during the quarter, compared to the consensus estimate of $168.49 million. Gorman-Rupp had a net margin of 5.52% and a return on equity of 10.54%. As a group, analysts anticipate that The Gorman-Rupp Company will post 1.55 earnings per share for the current year.

Gorman-Rupp Dividend Announcement

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

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.