Gorman-Rupp Co (NYSE:GRC) Short Interest Up 10.9% in December

Gorman-Rupp Co (NYSE:GRC) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 328,400 shares, an increase of 10.9% from the December 15th total of 296,200 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average daily trading volume, of 49,100 shares, the days-to-cover ratio is currently 6.7 days.

Shares of GRC stock traded down $0.02 during trading hours on Thursday, reaching $38.23. The stock had a trading volume of 571 shares, compared to its average volume of 46,378. The firm has a market capitalization of $980.79 million, a PE ratio of 26.06 and a beta of 0.97. The firm has a 50-day simple moving average of $37.57 and a 200-day simple moving average of $34.34. Gorman-Rupp has a twelve month low of $29.00 and a twelve month high of $39.60.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Friday, October 25th. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Gorman-Rupp had a net margin of 9.07% and a return on equity of 12.52%. The firm had revenue of $99.30 million for the quarter, compared to analyst estimates of $101.86 million. During the same period in the previous year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was down 3.5% on a year-over-year basis.

In other Gorman-Rupp news, Director Christopher H. Lake sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $36.46, for a total transaction of $72,920.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.40% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Gorman-Rupp by 1.9% in the 2nd quarter. BlackRock Inc. now owns 1,280,775 shares of the industrial products company’s stock worth $42,047,000 after buying an additional 23,701 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Gorman-Rupp by 2.5% in the second quarter. Northern Trust Corp now owns 266,167 shares of the industrial products company’s stock valued at $8,738,000 after buying an additional 6,542 shares during the period. Renaissance Technologies LLC lifted its holdings in Gorman-Rupp by 36.7% in the 2nd quarter. Renaissance Technologies LLC now owns 210,015 shares of the industrial products company’s stock valued at $6,895,000 after acquiring an additional 56,400 shares during the last quarter. First Trust Advisors LP lifted its stake in Gorman-Rupp by 43.5% during the third quarter. First Trust Advisors LP now owns 190,929 shares of the industrial products company’s stock valued at $6,642,000 after purchasing an additional 57,886 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Gorman-Rupp by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 159,549 shares of the industrial products company’s stock worth $5,238,000 after buying an additional 583 shares in the last quarter. 53.77% of the stock is currently owned by institutional investors.

Separately, Sidoti downgraded Gorman-Rupp from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research note on Tuesday, December 17th.

Gorman-Rupp Company Profile

The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems worldwide. 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.

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