Gorman-Rupp Company (The) (GRC) to Issue Quarterly Dividend of $0.20 on December 10th

Gorman-Rupp Company (The) (NYSE:GRC) declared a quarterly dividend on Thursday, October 22nd. Stockholders of record on Friday, November 13th will be paid a dividend of $0.20 per share by the industrial products company on Thursday, December 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 13th. This is a 5.3% increase from Gorman-Rupp’s previous quarterly dividend of $0.19.

Gorman-Rupp has a dividend payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Gorman-Rupp to earn $3.14 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 25.5%.

Gorman-Rupp Stock Performance

Shares of GRC opened at $70.19 on Wednesday. The firm has a 50-day moving average price of $73.61 and a 200 day moving average price of $72.98. The firm has a market capitalization of $1.85 billion, a PE ratio of 25.07, a P/E/G ratio of 1.90 and a beta of 1.28. The company has a quick ratio of 1.82, a current ratio of 2.70 and a debt-to-equity ratio of 0.54. Gorman-Rupp has a 52-week low of $42.31 and a 52-week high of $92.78.

Gorman-Rupp (NYSE:GRC) last released its earnings results on Friday, October 23rd. The industrial products company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.70 by $0.16. The firm had revenue of $193.25 million for the quarter, compared to analysts’ expectations of $181.55 million. Gorman-Rupp had a net margin of 10.20% and a return on equity of 17.13%. On average, sell-side analysts anticipate that Gorman-Rupp will post 2.88 earnings per share for the current fiscal year.

Insider Activity

In other news, VP D. Patrick Wischmeier sold 5,153 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $77.62, for a total transaction of $399,975.86. Following the completion of the sale, the vice president owned 1,409 shares in the company, valued at approximately $109,366.58. This represents a 78.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On Gorman-Rupp

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC boosted its position in shares of Gorman-Rupp by 7.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,569 shares of the industrial products company’s stock valued at $191,000 after purchasing an additional 170 shares during the period. Russell Investments Group Ltd. lifted its stake in Gorman-Rupp by 32.1% during the third quarter. Russell Investments Group Ltd. now owns 39,447 shares of the industrial products company’s stock valued at $2,938,000 after buying an additional 9,577 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Gorman-Rupp by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 74,325 shares of the industrial products company’s stock valued at $5,584,000 after buying an additional 3,073 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in Gorman-Rupp by 20.4% during the third quarter. Kestra Advisory Services LLC now owns 3,611 shares of the industrial products company’s stock valued at $269,000 after buying an additional 611 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Gorman-Rupp in the third quarter worth about $685,000. 59.26% of the stock is owned by institutional investors and hedge funds.

About Gorman-Rupp

Gorman-Rupp is a manufacturer of pumps and related pumping systems. Its products include self-priming and standard centrifugal pumps, submersible pumps, rotary gear pumps, diaphragm pumps and engine-driven units, serving applications that require the movement of water and other fluids. The company’s products are used in markets including municipal water and wastewater, construction, industrial processing, agriculture, petroleum and fire protection. Gorman-Rupp serves customers in the United States and internationally.