Gorman-Rupp (NYSE:GRC) Sets New 52-Week High – Here’s Why

Gorman-Rupp Company (The) (NYSE:GRC) shares hit a new 52-week high on Thursday . The stock traded as high as $52.15 and last traded at $52.6050, with a volume of 2379 shares trading hands. The stock had previously closed at $50.98.

Analyst Ratings Changes

GRC has been the topic of a number of recent analyst reports. Wall Street Zen raised Gorman-Rupp from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Gorman-Rupp in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Gorman-Rupp presently has an average rating of “Buy”.

Gorman-Rupp Stock Up 2.3%

The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 1.74 and a beta of 1.31. The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.74. The company’s 50 day moving average price is $47.54 and its 200 day moving average price is $44.41.

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

Gorman-Rupp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Friday, November 14th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 14th. Gorman-Rupp’s dividend payout ratio is presently 39.79%.

Hedge Funds Weigh In On Gorman-Rupp

A number of institutional investors have recently bought and sold shares of the business. Legal & General Group Plc boosted its position in Gorman-Rupp by 11.8% in the 2nd quarter. Legal & General Group Plc now owns 263,975 shares of the industrial products company’s stock worth $9,719,000 after purchasing an additional 27,856 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of Gorman-Rupp by 6.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 592,988 shares of the industrial products company’s stock valued at $21,775,000 after purchasing an additional 38,260 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Gorman-Rupp during the third quarter worth $4,007,000. Geode Capital Management LLC boosted its holdings in Gorman-Rupp by 3.0% during the second quarter. Geode Capital Management LLC now owns 520,534 shares of the industrial products company’s stock worth $19,117,000 after buying an additional 14,997 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new stake in Gorman-Rupp during the second quarter valued at $255,000. 59.26% of the stock is owned by hedge funds and other institutional investors.

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.