Zacks Investment Research upgraded shares of Gorman-Rupp Co (NYSEMKT:GRC) from a hold rating to a strong-buy rating in a research note published on Tuesday, August 1st. Zacks Investment Research currently has $35.00 price target on the industrial products company’s stock.
According to Zacks, “The Gorman-Rupp Company designs, manufactures and sells pumps and related equipment (pump and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire protection, military and other liquid-handling applications. “
Separately, TheStreet downgraded shares of Gorman-Rupp from a b- rating to a c+ rating in a research report on Friday, May 12th.
Gorman-Rupp (NYSEMKT:GRC) traded down 0.66% during midday trading on Tuesday, hitting $26.99. 52,857 shares of the stock traded hands. The company has a 50-day moving average price of $27.55 and a 200 day moving average price of $28.30. The stock has a market cap of $704.41 million, a price-to-earnings ratio of 28.29 and a beta of 1.13. Gorman-Rupp has a one year low of $22.30 and a one year high of $34.45.
Gorman-Rupp (NYSEMKT:GRC) last announced its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.13. Gorman-Rupp had a net margin of 8.02% and a return on equity of 10.14%. The company had revenue of $97.87 million for the quarter, compared to the consensus estimate of $92.90 million. During the same period in the prior year, the firm posted $0.25 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts anticipate that Gorman-Rupp will post $1.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Tuesday, August 15th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Friday, August 11th. Gorman-Rupp’s dividend payout ratio (DPR) is 45.65%.
In related news, Director Christopher H. Lake sold 2,200 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $27.23, for a total value of $59,906.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. KCG Holdings Inc. acquired a new position in shares of Gorman-Rupp during the first quarter valued at about $208,000. PNC Financial Services Group Inc. increased its position in shares of Gorman-Rupp by 1.1% in the second quarter. PNC Financial Services Group Inc. now owns 8,889 shares of the industrial products company’s stock valued at $226,000 after buying an additional 94 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Gorman-Rupp by 14.2% in the second quarter. Voya Investment Management LLC now owns 10,428 shares of the industrial products company’s stock valued at $266,000 after buying an additional 1,294 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Gorman-Rupp by 2.5% in the second quarter. Nationwide Fund Advisors now owns 11,512 shares of the industrial products company’s stock valued at $293,000 after buying an additional 277 shares during the last quarter. Finally, American International Group Inc. increased its position in shares of Gorman-Rupp by 7.0% in the first quarter. American International Group Inc. now owns 10,846 shares of the industrial products company’s stock valued at $341,000 after buying an additional 714 shares during the last quarter.
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. The Company offers its products for use in dewatering; petroleum original equipment; agriculture; fire protection; heating, ventilating and air conditioning; military, and other liquid-handling applications. The Company operates in the manufacture and international sale of pumps and pump systems segment.
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