The Gorman-Rupp Company (NYSE:GRC) Raises Dividend to $0.19 Per Share

The Gorman-Rupp Company (NYSE:GRC) announced a quarterly dividend on Friday, October 25th,Zacks Dividends reports. Investors of record on Friday, November 15th will be given a dividend of 0.185 per share by the industrial products company on Tuesday, December 10th. This represents a $0.74 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18.

Gorman-Rupp has raised its dividend payment by an average of 6.1% per year over the last three years and has increased its dividend annually for the last 52 consecutive years. Gorman-Rupp has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Gorman-Rupp to earn $1.98 per share next year, which means the company should continue to be able to cover its $0.74 annual dividend with an expected future payout ratio of 37.4%.

Gorman-Rupp Stock Performance

GRC opened at $41.69 on Wednesday. Gorman-Rupp has a 52-week low of $30.08 and a 52-week high of $42.89. The firm has a market capitalization of $1.09 billion, a PE ratio of 28.75, a PEG ratio of 1.85 and a beta of 0.92. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39. The business’s 50-day simple moving average is $38.44 and its 200 day simple moving average is $37.31.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 6th.

About Gorman-Rupp

The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems in the United States and internationally. The company’s products include self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed flow, vertical turbine line shaft, submersible, high-pressure booster, rotary gear, diaphragm, bellows, and oscillating pumps.