Gorman-Rupp Co (NYSE:GRC) Sees Significant Growth in Short Interest

Share on StockTwits

Gorman-Rupp Co (NYSE:GRC) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 134,500 shares, an increase of 15.5% from the July 31st total of 116,400 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average trading volume of 42,200 shares, the short-interest ratio is currently 3.2 days.

GRC stock traded up $0.50 during midday trading on Friday, hitting $34.45. 86,385 shares of the company’s stock were exchanged, compared to its average volume of 38,800. The stock’s fifty day moving average price is $30.95 and its 200-day moving average price is $32.27. The company has a market cap of $887.23 million, a PE ratio of 21.76 and a beta of 0.95. Gorman-Rupp has a one year low of $29.00 and a one year high of $38.26.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Friday, July 26th. The industrial products company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The firm had revenue of $108.30 million for the quarter, compared to analyst estimates of $112.95 million. Gorman-Rupp had a return on equity of 13.12% and a net margin of 9.22%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th were issued a $0.135 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.57%.

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of Gorman-Rupp by 72.2% in the second quarter. Royal Bank of Canada now owns 16,853 shares of the industrial products company’s stock valued at $553,000 after purchasing an additional 7,066 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Gorman-Rupp by 3.1% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,082 shares of the industrial products company’s stock valued at $725,000 after acquiring an additional 657 shares during the last quarter. Susquehanna International Group LLP acquired a new stake in shares of Gorman-Rupp in the second quarter valued at about $203,000. Nuveen Asset Management LLC acquired a new stake in shares of Gorman-Rupp in the second quarter valued at about $2,348,000. Finally, Morgan Stanley increased its position in shares of Gorman-Rupp by 3.6% in the second quarter. Morgan Stanley now owns 122,864 shares of the industrial products company’s stock valued at $4,034,000 after acquiring an additional 4,284 shares during the last quarter. Institutional investors own 52.78% of the company’s stock.

About Gorman-Rupp

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.

Further Reading: How to use beta for portfolio diversification

Receive News & Ratings for Gorman-Rupp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gorman-Rupp and related companies with MarketBeat.com's FREE daily email newsletter.