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

Gorman-Rupp Company (The) (NYSE:GRC) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totaling 227,800 shares, an increase of 41.2% from the September 30th total of 161,300 shares. Based on an average trading volume of 83,300 shares, the short-interest ratio is presently 2.7 days. Currently, 1.1% of the company’s stock are short sold. Currently, 1.1% of the company’s stock are short sold. Based on an average trading volume of 83,300 shares, the short-interest ratio is presently 2.7 days.

Wall Street Analyst Weigh In

GRC has been the subject of several recent research reports. Wall Street Zen lowered Gorman-Rupp from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings restated a “buy (b)” rating on shares of Gorman-Rupp in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy”.

Institutional Investors Weigh In On Gorman-Rupp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC grew its position in shares of Gorman-Rupp by 8.5% in the third quarter. SG Americas Securities LLC now owns 3,443 shares of the industrial products company’s stock valued at $160,000 after purchasing an additional 269 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Gorman-Rupp by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 7,961 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 276 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Gorman-Rupp by 0.7% in the second quarter. Fisher Asset Management LLC now owns 45,626 shares of the industrial products company’s stock valued at $1,675,000 after purchasing an additional 312 shares during the last quarter. Jump Financial LLC grew its position in Gorman-Rupp by 6.3% during the second quarter. Jump Financial LLC now owns 6,440 shares of the industrial products company’s stock worth $236,000 after buying an additional 379 shares in the last quarter. Finally, Martingale Asset Management L P grew its position in Gorman-Rupp by 1.3% during the first quarter. Martingale Asset Management L P now owns 30,120 shares of the industrial products company’s stock worth $1,057,000 after buying an additional 400 shares in the last quarter. 59.26% of the stock is owned by institutional investors and hedge funds.

Gorman-Rupp Price Performance

NYSE GRC opened at $44.70 on Wednesday. Gorman-Rupp has a fifty-two week low of $30.87 and a fifty-two week high of $49.24. The stock’s 50-day moving average is $45.00 and its two-hundred day moving average is $40.52. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.08 and a quick ratio of 1.39. The firm has a market cap of $1.18 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 1.71 and a beta of 1.22.

Gorman-Rupp (NYSE:GRC) last posted its earnings results on Friday, October 24th. The industrial products company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). The company had revenue of $172.83 million for the quarter, compared to the consensus estimate of $174.61 million. Gorman-Rupp had a net margin of 7.41% and a return on equity of 13.49%. On average, analysts anticipate that Gorman-Rupp will post 1.98 earnings per share for the current fiscal year.

Gorman-Rupp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 14th will be given a $0.19 dividend. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.19. This represents a $0.76 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 14th. Gorman-Rupp’s dividend payout ratio (DPR) is 39.79%.

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.