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 Friday.

Gorman-Rupp Stock Up 0.7 %

Shares of NYSE GRC opened at $42.60 on Friday. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 29.38, a price-to-earnings-growth ratio of 1.84 and a beta of 0.92. The company’s 50-day simple moving average is $39.64 and its 200-day simple moving average is $38.08. The company has a quick ratio of 1.38, a current ratio of 2.39 and a debt-to-equity ratio of 0.99. Gorman-Rupp has a 52-week low of $30.47 and a 52-week high of $43.79.

Gorman-Rupp Increases Dividend

The company also recently announced 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. The ex-dividend date is Friday, November 15th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.74%. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio is presently 51.03%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GRC. Barclays PLC grew its holdings in shares of Gorman-Rupp by 317.9% during the third quarter. Barclays PLC now owns 34,777 shares of the industrial products company’s stock worth $1,355,000 after buying an additional 26,455 shares in the last quarter. Zacks Investment Management acquired a new position in Gorman-Rupp during the third quarter worth about $235,000. Point72 Asset Management L.P. purchased a new stake in Gorman-Rupp during the 3rd quarter valued at about $62,000. Needham Investment Management LLC raised its holdings in Gorman-Rupp by 218.8% in the 3rd quarter. Needham Investment Management LLC now owns 127,500 shares of the industrial products company’s stock valued at $4,966,000 after acquiring an additional 87,500 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Gorman-Rupp in the 3rd quarter worth approximately $209,000. 59.26% of the stock is owned by institutional investors and hedge funds.

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.