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

Shares of Gorman-Rupp Company (The) (NYSE:GRC) hit a new 52-week high during trading on Monday . The stock traded as high as $88.77 and last traded at $87.4860, with a volume of 288456 shares. The stock had previously closed at $87.77.

Analyst Ratings Changes

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

Gorman-Rupp Stock Down 1.5%

The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 38.84, a PEG 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. The business’s fifty day moving average is $76.34 and its two-hundred day moving average is $64.00.

Gorman-Rupp (NYSE:GRC) last issued its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $0.68 EPS for the quarter, beating the consensus estimate 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. Equities analysts forecast that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

The business also recently announced 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. This represents a $0.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, May 15th. Gorman-Rupp’s payout ratio is presently 34.08%.

Institutional Investors Weigh In On Gorman-Rupp

A number of hedge funds have recently bought and sold shares of GRC. PVG Asset Management Corp purchased a new position in shares of Gorman-Rupp in the 1st quarter valued at about $844,000. Bank of America Corp DE increased its stake in shares of 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 buying an additional 276,101 shares during the period. Quantinno Capital Management LP raised its holdings in Gorman-Rupp by 46.5% in the first quarter. Quantinno Capital Management LP now owns 12,285 shares of the industrial products company’s stock valued at $763,000 after acquiring an additional 3,900 shares in the last quarter. Sei Investments Co. raised its holdings in Gorman-Rupp by 109.7% in the first quarter. Sei Investments Co. now owns 11,916 shares of the industrial products company’s stock valued at $740,000 after acquiring an additional 6,234 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of Gorman-Rupp in the 1st quarter valued at approximately $983,000. Institutional investors and hedge funds own 59.26% of the company’s stock.

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.