Gorman-Rupp Co (NYSE:GRC) Sees Large Increase in Short Interest

Gorman-Rupp Co (NYSE:GRC) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 267,500 shares, an increase of 12.5% from the August 30th total of 237,700 shares. Based on an average trading volume of 46,500 shares, the days-to-cover ratio is presently 5.8 days. Currently, 1.5% of the shares of the company are sold short.

A number of large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Gorman-Rupp by 51.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,315 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 447 shares during the period. Virginia Retirement Systems ET AL increased its position in Gorman-Rupp by 6.8% during the second quarter. Virginia Retirement Systems ET AL now owns 7,800 shares of the industrial products company’s stock worth $256,000 after acquiring an additional 500 shares during the period. Bank of New York Mellon Corp increased its position 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 acquiring an additional 583 shares during the period. Stone Ridge Asset Management LLC increased its position in Gorman-Rupp by 3.1% during the second quarter. Stone Ridge Asset Management LLC now owns 20,100 shares of the industrial products company’s stock worth $660,000 after acquiring an additional 600 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Gorman-Rupp by 3.1% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,082 shares of the industrial products company’s stock worth $725,000 after acquiring an additional 657 shares during the period. 52.79% of the stock is currently owned by institutional investors and hedge funds.

NYSE:GRC traded up $0.52 during mid-day trading on Wednesday, reaching $34.38. 25,370 shares of the company’s stock were exchanged, compared to its average volume of 58,639. Gorman-Rupp has a one year low of $29.00 and a one year high of $36.92. The firm has a market capitalization of $892.46 million, a PE ratio of 21.89 and a beta of 0.97. The business’s fifty day simple moving average is $32.74 and its two-hundred day simple moving average is $32.30.

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

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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