StockNews.com Downgrades Gorman-Rupp (NYSE:GRC) to Buy

StockNews.com downgraded shares of Gorman-Rupp (NYSE:GRC) from a strong-buy rating to a buy rating in a report released on Tuesday.

Gorman-Rupp Stock Performance

NYSE GRC traded down $0.32 on Tuesday, hitting $37.05. 80,349 shares of the company traded hands, compared to its average volume of 94,681. The business’s 50 day moving average price is $37.91 and its 200-day moving average price is $36.44. Gorman-Rupp has a 52-week low of $28.87 and a 52-week high of $42.24. The company has a current ratio of 2.45, a quick ratio of 1.33 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $971.12 million, a price-to-earnings ratio of 26.81, a P/E/G ratio of 1.67 and a beta of 0.94.

Gorman-Rupp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, August 15th. Gorman-Rupp’s dividend payout ratio is 52.17%.

Hedge Funds Weigh In On Gorman-Rupp

Several large investors have recently added to or reduced their stakes in GRC. CWM LLC lifted its stake in shares of Gorman-Rupp by 76.8% during the 2nd quarter. CWM LLC now owns 921 shares of the industrial products company’s stock valued at $34,000 after buying an additional 400 shares in the last quarter. Mather Group LLC. lifted its position in shares of Gorman-Rupp by 517.0% in the second quarter. Mather Group LLC. now owns 1,598 shares of the industrial products company’s stock valued at $63,000 after acquiring an additional 1,339 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Gorman-Rupp by 63.8% in the first quarter. Lazard Asset Management LLC now owns 2,047 shares of the industrial products company’s stock worth $80,000 after acquiring an additional 797 shares during the period. New York State Teachers Retirement System purchased a new stake in shares of Gorman-Rupp during the first quarter worth about $82,000. Finally, EntryPoint Capital LLC bought a new stake in Gorman-Rupp during the 1st quarter valued at approximately $131,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.

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.