Gorman-Rupp (NYSE:GRC) Reaches New 12-Month High – Here’s What Happened

Gorman-Rupp Company (The) (NYSE:GRC) shares reached a new 52-week high on Tuesday . The company traded as high as $81.68 and last traded at $81.32, with a volume of 7757 shares. The stock had previously closed at $77.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Wall Street Zen upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. Freedom Capital upgraded shares of Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Finally, Weiss Ratings upgraded shares of Gorman-Rupp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy”.

Gorman-Rupp Trading Up 2.0%

The company has a market cap of $2.10 billion, a price-to-earnings ratio of 35.62, a PEG ratio of 2.28 and a beta of 1.31. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.76 and a current ratio of 2.93. The business’s 50 day moving average price is $71.71 and its 200-day moving average price is $60.93.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings data on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.19. Gorman-Rupp had a net margin of 8.45% and a return on equity of 15.08%. The company had revenue of $176.59 million during the quarter, compared to analysts’ expectations of $170.61 million. On average, research analysts forecast that Gorman-Rupp Company will post 2.6 EPS for the current year.

Gorman-Rupp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 15th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, May 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.0%. Gorman-Rupp’s dividend payout ratio (DPR) is 34.08%.

Institutional Investors Weigh In On Gorman-Rupp

A number of hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its position in shares of Gorman-Rupp by 1,056.7% during the 1st quarter. Bank of America Corp DE now owns 302,230 shares of the industrial products company’s stock worth $18,778,000 after purchasing an additional 276,101 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Gorman-Rupp by 46.5% during the 1st quarter. Quantinno Capital Management LP now owns 12,285 shares of the industrial products company’s stock worth $763,000 after purchasing an additional 3,900 shares in the last quarter. Sei Investments Co. increased its position in shares of Gorman-Rupp by 109.7% during the 1st quarter. Sei Investments Co. now owns 11,916 shares of the industrial products company’s stock worth $740,000 after purchasing an additional 6,234 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Gorman-Rupp during the 1st quarter worth about $983,000. Finally, First Trust Advisors LP increased its position in shares of Gorman-Rupp by 326.1% during the 1st quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company’s stock worth $32,581,000 after purchasing an additional 401,340 shares in the last quarter. Institutional investors and hedge funds own 59.26% of the company’s stock.

About Gorman-Rupp

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.