Gorman-Rupp (NYSE:GRC) Rating Lowered to Buy at StockNews.com

StockNews.com lowered shares of Gorman-Rupp (NYSE:GRC) from a strong-buy rating to a buy rating in a research report released on Thursday morning.

Gorman-Rupp Stock Performance

GRC opened at $42.58 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.81 and a beta of 0.92. The company has a fifty day moving average of $39.20 and a 200 day moving average of $37.78. Gorman-Rupp has a fifty-two week low of $30.47 and a fifty-two week high of $42.89.

Gorman-Rupp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.74%. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, November 15th. Gorman-Rupp’s payout ratio is 51.03%.

Hedge Funds Weigh In On Gorman-Rupp

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

Gorman-Rupp Company Profile

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.