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

Cornercap Investment Counsel Inc. acquired a new position in shares of The Gorman-Rupp Company (NYSE:GRC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,870 shares of the industrial products company’s stock, valued at approximately $501,000.

Several other institutional investors have also recently bought and sold shares of GRC. Dimensional Fund Advisors LP grew its position in Gorman-Rupp by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company’s stock valued at $49,156,000 after acquiring an additional 17,340 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Gorman-Rupp by 20.7% in the 2nd quarter. Renaissance Technologies LLC now owns 120,789 shares of the industrial products company’s stock worth $4,434,000 after purchasing an additional 20,689 shares during the last quarter. Robeco Schweiz AG purchased a new position in shares of Gorman-Rupp in the 2nd quarter worth about $7,876,000. Summit Global Investments bought a new stake in Gorman-Rupp in the 3rd quarter worth about $470,000. Finally, Creative Planning grew its stake in shares of Gorman-Rupp by 19.6% during the 2nd quarter. Creative Planning now owns 8,888 shares of the industrial products company’s stock valued at $326,000 after purchasing an additional 1,454 shares during the period. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

NYSE GRC opened at $40.71 on Friday. The company has a market cap of $1.07 billion, a P/E ratio of 28.08, a P/E/G ratio of 1.79 and a beta of 0.92. 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 business’s 50 day moving average price is $38.73 and its 200-day moving average price is $37.44. The Gorman-Rupp Company has a fifty-two week low of $30.47 and a fifty-two week high of $42.89.

Gorman-Rupp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio is 51.03%.

Analyst Ratings Changes

Separately, StockNews.com upgraded Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Wednesday.

Gorman-Rupp 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.