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

Gorman-Rupp Company (The) (NYSE:GRC)’s share price hit 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 traded. The stock had previously closed at $87.77.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GRC shares. Wall Street Zen upgraded Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 2nd. 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 raised Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Finally, Zacks Research upgraded shares of Gorman-Rupp from a “hold” rating to a “strong-buy” rating in a 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Gorman-Rupp Price Performance

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 39.64, a P/E/G ratio of 2.60 and a beta of 1.31. The company has a 50 day simple moving average of $75.61 and a 200-day simple moving average of $63.41. The company has a current ratio of 2.93, a quick ratio of 1.76 and a debt-to-equity ratio of 0.69.

Gorman-Rupp (NYSE:GRC) last posted its quarterly earnings data on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.19. The company had revenue of $176.59 million during 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%. Research analysts expect that Gorman-Rupp Company will post 2.6 EPS for the current year.

Gorman-Rupp Dividend Announcement

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

Hedge Funds Weigh In On Gorman-Rupp

Several hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its position in shares of Gorman-Rupp by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 281,709 shares of the industrial products company’s stock worth $9,888,000 after purchasing an additional 25,033 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Gorman-Rupp by 13.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,912 shares of the industrial products company’s stock valued at $2,278,000 after buying an additional 7,667 shares during the last quarter. Jane Street Group LLC increased its stake in Gorman-Rupp by 203.0% in the 1st quarter. Jane Street Group LLC now owns 48,499 shares of the industrial products company’s stock valued at $1,702,000 after buying an additional 32,494 shares during the last quarter. Rhumbline Advisers lifted its position in Gorman-Rupp by 17.4% during the 2nd quarter. Rhumbline Advisers now owns 36,865 shares of the industrial products company’s stock worth $1,354,000 after buying an additional 5,462 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Gorman-Rupp by 8.6% during the 2nd quarter. American Century Companies Inc. now owns 50,760 shares of the industrial products company’s stock worth $1,864,000 after buying an additional 4,020 shares during the last quarter. 59.26% of the stock is owned by 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.