StockNews.com Upgrades Gorman-Rupp (NYSE:GRC) to “Strong-Buy”

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

Gorman-Rupp Price Performance

Gorman-Rupp stock opened at $40.71 on Wednesday. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 28.08, a price-to-earnings-growth ratio of 1.76 and a beta of 0.92. The firm has a 50-day moving average of $38.73 and a two-hundred day moving average of $37.44. Gorman-Rupp has a 1 year low of $30.47 and a 1 year high of $42.89. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38.

Gorman-Rupp Increases Dividend

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

Institutional Investors Weigh In On Gorman-Rupp

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

Gorman-Rupp Company Profile

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.