Cornercap Investment Counsel Inc. Invests $501,000 in The Gorman-Rupp Company (NYSE:GRC)

Cornercap Investment Counsel Inc. acquired a new stake in The Gorman-Rupp Company (NYSE:GRC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,870 shares of the industrial products company’s stock, valued at approximately $501,000.

A number of other institutional investors and hedge funds have also modified their holdings of GRC. Bailard Inc. increased its position in Gorman-Rupp by 1.8% in the 2nd quarter. Bailard Inc. now owns 20,995 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 378 shares during the period. CWM LLC increased its holdings in Gorman-Rupp by 76.8% in the 2nd quarter. CWM LLC now owns 921 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. ClariVest Asset Management LLC lifted its position in shares of Gorman-Rupp by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 18,920 shares of the industrial products company’s stock worth $695,000 after purchasing an additional 529 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in Gorman-Rupp by 3.7% in the third quarter. Creative Financial Designs Inc. ADV now owns 20,012 shares of the industrial products company’s stock worth $779,000 after acquiring an additional 710 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Gorman-Rupp by 5,461.5% in the third quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 710 shares during the period. Hedge funds and other institutional investors own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

NYSE:GRC opened at $40.71 on Friday. The firm’s 50-day moving average is $38.73 and its 200-day moving average is $37.44. The Gorman-Rupp Company has a 52-week low of $30.47 and a 52-week high of $42.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 28.08, a PEG ratio of 1.79 and a beta of 0.92.

Gorman-Rupp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.82%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, November 15th. Gorman-Rupp’s dividend payout ratio is presently 51.03%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research report 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.