Mirae Asset Global Investments Co. Ltd. Decreases Stock Position in The Gorman

Jan 10, 2024

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of The Gorman-Rupp Company (NYSE:GRC - Get Rating) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,169 shares of the industrial products company's stock after selling 8,722 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 1.05% of Gorman-Rupp worth $7,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GRC. Vanguard Group Inc. lifted its stake in shares of Gorman-Rupp by 1.3% in the third quarter. Vanguard Group Inc. now owns 2,143,408 shares of the industrial products company's stock worth $50,992,000 after acquiring an additional 28,537 shares in the last quarter. Cooke & Bieler LP raised its position in shares of Gorman-Rupp by 17.0% in the 4th quarter. Cooke & Bieler LP now owns 491,580 shares of the industrial products company's stock valued at $12,594,000 after purchasing an additional 71,267 shares in the last quarter. State Street Corp boosted its stake in shares of Gorman-Rupp by 1.6% during the 3rd quarter. State Street Corp now owns 477,417 shares of the industrial products company's stock valued at $11,358,000 after buying an additional 7,463 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Gorman-Rupp by 16.5% during the first quarter. Bank of New York Mellon Corp now owns 411,328 shares of the industrial products company's stock worth $14,759,000 after buying an additional 58,348 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Gorman-Rupp by 10.1% during the first quarter. Invesco Ltd. now owns 243,043 shares of the industrial products company's stock worth $8,720,000 after buying an additional 22,230 shares in the last quarter. Hedge funds and other institutional investors own 59.79% of the company's stock.

Shares of GRC stock opened at $25.76 on Tuesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.27 and a current ratio of 2.49. The Gorman-Rupp Company has a one year low of $22.67 and a one year high of $31.04. The company's 50-day simple moving average is $24.41 and its 200-day simple moving average is $26.21. The stock has a market capitalization of $674.35 million, a price-to-earnings ratio of 66.05 and a beta of 0.80.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Monday, May 15th will be given a dividend of $0.175 per share. The ex-dividend date is Friday, May 12th. This represents a $0.70 annualized dividend and a dividend yield of 2.72%. Gorman-Rupp's payout ratio is 179.49%.

Separately, StockNews.com initiated coverage on shares of Gorman-Rupp in a research note on Thursday, May 18th. They set a "hold" rating on the stock.

The Gorman-Rupp Co engages in the design, manufacture, and global marketing of pumps and pump systems. Its pump models include self-priming centrifugal, standard centrifugal, submersible, rotary gear, diaphragm, engine-driven, and priming assist pumps as well as packaged pump stations. The firm offers its products to fire protection, municipal, industrial, agriculture, construction, petroleum, and original equipment manufacturer.

Want to see what other hedge funds are holding GRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Gorman-Rupp Company (NYSE:GRC - Get Rating).

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