Gorman-Rupp (NYSE:GRC) Reaches New 52-Week High – Here’s What Happened

Gorman-Rupp Company (The) (NYSE:GRC)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $88.77 and last traded at $87.4860, with a volume of 288456 shares changing hands. The stock had previously closed at $87.77.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Weiss Ratings lowered Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. Freedom Capital upgraded shares of Gorman-Rupp to a “hold” rating in a research report on Monday, May 18th. Wall Street Zen upgraded shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 2nd. Finally, Zacks Research upgraded shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Gorman-Rupp Stock Up 1.9%

The business has a fifty day moving average of $75.61 and a 200 day moving average of $63.41. The firm has a market cap of $2.33 billion, a P/E ratio of 39.64, a P/E/G ratio of 2.60 and a beta of 1.31. The company has a quick ratio of 1.76, a current ratio of 2.93 and a debt-to-equity ratio of 0.69.

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

Gorman-Rupp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.76 annualized dividend and a yield of 0.9%. Gorman-Rupp’s dividend payout ratio (DPR) is presently 34.08%.

Institutional Investors Weigh In On Gorman-Rupp

Hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of Gorman-Rupp by 211.6% in the 4th quarter. Victory Capital Management Inc. now owns 830,480 shares of the industrial products company’s stock valued at $39,655,000 after buying an additional 564,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Gorman-Rupp by 2.1% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 753,862 shares of the industrial products company’s stock worth $34,985,000 after buying an additional 15,178 shares during the period. Gamco Investors INC. ET AL raised its stake in Gorman-Rupp by 0.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 599,520 shares of the industrial products company’s stock worth $28,627,000 after buying an additional 2,970 shares during the period. First Trust Advisors LP lifted its holdings in Gorman-Rupp by 326.1% during the first quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company’s stock worth $32,581,000 after acquiring an additional 401,340 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Gorman-Rupp by 1,056.7% during the first quarter. Bank of America Corp DE now owns 302,230 shares of the industrial products company’s stock worth $18,778,000 after acquiring an additional 276,101 shares in the last quarter. 59.26% of the stock is currently owned by institutional investors and hedge funds.

Gorman-Rupp Company Profile

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.