The Gorman-Rupp Company (NYSE:GRC) Short Interest Update

The Gorman-Rupp Company (NYSE:GRC) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 141,500 shares, a drop of 7.0% from the October 15th total of 152,100 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 53,100 shares, the days-to-cover ratio is currently 2.7 days.

Gorman-Rupp Stock Performance

GRC traded up $0.62 during trading on Friday, hitting $31.98. 59,424 shares of the stock were exchanged, compared to its average volume of 56,535. The firm has a market capitalization of $837.56 million, a P/E ratio of 29.04, a PEG ratio of 1.89 and a beta of 0.85. Gorman-Rupp has a 1-year low of $22.92 and a 1-year high of $33.74. The stock has a fifty day moving average price of $31.38 and a two-hundred day moving average price of $29.41. The company has a quick ratio of 1.27, a current ratio of 2.28 and a debt-to-equity ratio of 1.13.

Gorman-Rupp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Wednesday, November 15th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.25%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s payout ratio is presently 66.67%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. John G Ullman & Associates Inc. grew its holdings in Gorman-Rupp by 23.1% during the first quarter. John G Ullman & Associates Inc. now owns 80,958 shares of the industrial products company’s stock worth $2,024,000 after acquiring an additional 15,195 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Gorman-Rupp by 67.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 457,985 shares of the industrial products company’s stock worth $11,450,000 after purchasing an additional 183,816 shares in the last quarter. King Luther Capital Management Corp boosted its position in Gorman-Rupp by 1.1% during the first quarter. King Luther Capital Management Corp now owns 365,025 shares of the industrial products company’s stock worth $9,126,000 after purchasing an additional 4,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Gorman-Rupp during the second quarter worth $393,000. Finally, Creative Financial Designs Inc. ADV boosted its position in Gorman-Rupp by 23.8% during the second quarter. Creative Financial Designs Inc. ADV now owns 11,628 shares of the industrial products company’s stock worth $335,000 after purchasing an additional 2,232 shares in the last quarter. Institutional investors and hedge funds own 60.32% of the company’s stock.

Analysts Set New Price Targets

GRC has been the subject of several research reports. Northcoast Research initiated coverage on Gorman-Rupp in a research report on Wednesday, September 13th. They issued a “buy” rating and a $40.00 target price for the company. TheStreet raised Gorman-Rupp from a “c” rating to a “b-” rating in a research report on Friday, July 28th. Finally, StockNews.com raised Gorman-Rupp from a “hold” rating to a “buy” rating in a research report on Saturday, November 4th.

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.