Gorman-Rupp (NYSE:GRC) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Gorman-Rupp Company (The) (NYSE:GRC)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $68.20 and traded as high as $81.15. Gorman-Rupp shares last traded at $80.59, with a volume of 154,817 shares traded.

Analysts Set New Price Targets

A number of brokerages have weighed in on GRC. Wall Street Zen raised shares of Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 2nd. Zacks Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Freedom Capital raised shares of Gorman-Rupp to a “hold” rating in a research report on Monday, May 18th. Finally, Weiss Ratings lowered shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, June 12th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Gorman-Rupp currently has a consensus rating of “Hold”.

Gorman-Rupp Trading Up 1.8%

The business has a fifty day simple moving average of $80.25 and a 200 day simple moving average of $68.20. The company has a market cap of $2.13 billion, a P/E ratio of 36.14, a P/E/G ratio of 2.34 and a beta of 1.28. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.76 and a current ratio of 2.93.

Gorman-Rupp (NYSE:GRC) last released its quarterly earnings data on Thursday, April 23rd. The industrial products company reported $0.68 EPS for the quarter, topping 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 firm had revenue of $176.59 million during the quarter, compared to the consensus estimate of $170.61 million. Analysts anticipate that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

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

Hedge Funds Weigh In On Gorman-Rupp

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Gorman-Rupp by 43.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 67,990 shares of the industrial products company’s stock worth $3,155,000 after acquiring an additional 20,522 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Gorman-Rupp by 42.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,382 shares of the industrial products company’s stock valued at $5,891,000 after purchasing an additional 37,037 shares during the period. SG Americas Securities LLC grew its position in Gorman-Rupp by 222.3% in the 4th quarter. SG Americas Securities LLC now owns 11,096 shares of the industrial products company’s stock worth $530,000 after purchasing an additional 7,653 shares during the last quarter. Total Clarity Wealth Management Inc. bought a new position in Gorman-Rupp in the 1st quarter worth about $472,000. Finally, Needham Investment Management LLC increased its stake in shares of Gorman-Rupp by 30.0% in the fourth quarter. Needham Investment Management LLC now owns 260,000 shares of the industrial products company’s stock valued at $12,415,000 after purchasing an additional 60,000 shares during the period. 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.