Gorman-Rupp (NYSE:GRC) Upgraded at StockNews.com

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

Gorman-Rupp Price Performance

Shares of NYSE GRC opened at $40.71 on Wednesday. The firm’s 50-day moving average price is $38.73 and its 200-day moving average price is $37.42. The firm has a market capitalization of $1.07 billion, a P/E ratio of 28.10, a P/E/G ratio of 1.79 and a beta of 0.92. Gorman-Rupp has a 1-year low of $30.47 and a 1-year high of $42.89. The company has a current ratio of 2.39, a quick ratio of 1.38 and a debt-to-equity ratio of 0.99.

Gorman-Rupp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be paid a $0.185 dividend. 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 annualized dividend and a yield of 1.82%. Gorman-Rupp’s payout ratio is currently 51.03%.

Hedge Funds Weigh In On Gorman-Rupp

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