Gorman-Rupp (NYSE:GRC) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Gorman-Rupp (NYSE:GRC) from a buy rating to a strong-buy rating in a research report released on Wednesday morning.

Gorman-Rupp Trading Down 0.3 %

GRC stock opened at $40.71 on Wednesday. The firm has a fifty day moving average price of $38.73 and a 200 day moving average price of $37.44. Gorman-Rupp has a fifty-two week low of $30.47 and a fifty-two week high of $42.89. The firm has a market cap of $1.07 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 1.76 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.

Gorman-Rupp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. This represents a $0.74 dividend on an annualized basis and a yield of 1.82%. Gorman-Rupp’s dividend payout ratio is 49.66%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in shares of Gorman-Rupp by 101.1% in the 1st quarter. BNP Paribas Financial Markets now owns 18,455 shares of the industrial products company’s stock worth $730,000 after acquiring an additional 9,278 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Gorman-Rupp by 2.3% in the first quarter. Russell Investments Group Ltd. now owns 72,344 shares of the industrial products company’s stock worth $2,861,000 after purchasing an additional 1,639 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Gorman-Rupp by 147.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 18,360 shares of the industrial products company’s stock valued at $726,000 after buying an additional 10,946 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of Gorman-Rupp by 413.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 7,157 shares of the industrial products company’s stock valued at $283,000 after buying an additional 5,762 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of Gorman-Rupp during the first quarter valued at approximately $131,000. 59.26% of the stock is owned by hedge funds and other institutional investors.

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.