The Gorman-Rupp Company (NYSE:GRC – Get Free Report)’s stock price dropped 10.4% on Thursday following a weaker than expected earnings announcement. The stock traded as low as $32.50 and last traded at $32.68. Approximately 25,047 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 70,530 shares. The stock had previously closed at $36.46.
The industrial products company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.05). The company had revenue of $159.27 million during the quarter, compared to analysts’ expectations of $168.49 million. Gorman-Rupp had a return on equity of 10.60% and a net margin of 5.52%.
Institutional Trading of Gorman-Rupp
A number of large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Gorman-Rupp by 9.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 544,399 shares of the industrial products company’s stock worth $17,911,000 after purchasing an additional 46,396 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Gorman-Rupp by 380.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 43,854 shares of the industrial products company’s stock valued at $1,558,000 after buying an additional 34,728 shares during the period. Vanguard Group Inc. raised its holdings in shares of Gorman-Rupp by 0.9% in the third quarter. Vanguard Group Inc. now owns 2,256,217 shares of the industrial products company’s stock valued at $74,230,000 after acquiring an additional 19,797 shares in the last quarter. Livelsberger Financial Advisory purchased a new stake in Gorman-Rupp in the fourth quarter worth about $640,000. Finally, ClariVest Asset Management LLC bought a new position in Gorman-Rupp during the 3rd quarter worth about $589,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.
Gorman-Rupp Trading Up 6.0 %
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.
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