Gorman-Rupp (NYSE:GRC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Gorman-Rupp (NYSE:GRC) from a buy rating to a strong-buy rating in a report released on Saturday morning,Wall Street Zen reports.

Several other research firms have also commented on GRC. Zacks Research lowered shares of Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Gorman-Rupp in a research note on Wednesday, September 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

Gorman-Rupp Price Performance

GRC stock opened at $71.96 on Friday. The business’s fifty day moving average price is $74.42 and its 200 day moving average price is $72.32. Gorman-Rupp has a 12-month low of $42.31 and a 12-month high of $92.78. The company has a current ratio of 2.70, a quick ratio of 1.82 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.90 billion, a PE ratio of 25.70, a P/E/G ratio of 1.92 and a beta of 1.32.

Gorman-Rupp (NYSE:GRC) last announced its earnings results on Friday, October 23rd. The industrial products company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.16. The company had revenue of $193.25 million during the quarter, compared to analysts’ expectations of $181.55 million. Gorman-Rupp had a return on equity of 17.13% and a net margin of 10.20%. On average, sell-side analysts anticipate that Gorman-Rupp will post 2.88 EPS for the current year.

Gorman-Rupp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 13th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.19. Gorman-Rupp’s dividend payout ratio is 27.14%.

Insider Activity

In other news, VP D. Patrick Wischmeier sold 5,153 shares of Gorman-Rupp stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $77.62, for a total value of $399,975.86. Following the completion of the transaction, the vice president owned 1,409 shares in the company, valued at approximately $109,366.58. This trade represents a 78.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Amundi lifted its holdings in shares of Gorman-Rupp by 14.4% in the 2nd quarter. Amundi now owns 140,446 shares of the industrial products company’s stock valued at $12,885,000 after purchasing an additional 17,722 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Gorman-Rupp in the 1st quarter valued at about $923,000. First Trust Advisors LP grew its stake in Gorman-Rupp by 326.1% during the 1st quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company’s stock worth $32,581,000 after buying an additional 401,340 shares during the last quarter. Bank of America Corp DE grew its stake in Gorman-Rupp by 1,056.7% during the 1st quarter. Bank of America Corp DE now owns 302,230 shares of the industrial products company’s stock worth $18,778,000 after buying an additional 276,101 shares during the last quarter. Finally, PVG Asset Management Corp purchased a new position in Gorman-Rupp during the 1st quarter worth approximately $844,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.

About Gorman-Rupp

Gorman-Rupp Co designs, manufactures and sells pumps and pumping systems for moving water and other liquids. Its product portfolio includes self-priming centrifugal pumps, standard centrifugal pumps, submersible pumps, rotary gear pumps, diaphragm pumps and related pumping equipment.

The company serves a range of markets, including municipal water and wastewater treatment, construction, agriculture, industrial operations, petroleum, fire protection and emergency services. Its products are used in applications such as sewage handling, flood control, dewatering, irrigation and general fluid transfer.

Founded in 1933 by J.C.