Gorman-Rupp (NYSE:GRC) Rating Increased to Strong-Buy 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 Wednesday.

Gorman-Rupp Stock Performance

NYSE GRC opened at $41.35 on Wednesday. The firm has a market cap of $1.08 billion, a P/E ratio of 28.52, a P/E/G ratio of 1.80 and a beta of 0.92. Gorman-Rupp has a 52-week low of $30.32 and a 52-week high of $42.89. The business’s 50-day moving average price is $38.53 and its 200 day moving average price is $37.34. 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 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Friday, November 15th. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio is 49.66%.

Hedge Funds Weigh In On Gorman-Rupp

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Gorman-Rupp by 2.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,666 shares of the industrial products company’s stock valued at $1,584,000 after acquiring an additional 830 shares in the last quarter. FMR LLC lifted its position in Gorman-Rupp by 70.1% in the third quarter. FMR LLC now owns 19,679 shares of the industrial products company’s stock valued at $766,000 after purchasing an additional 8,112 shares during the period. Quantbot Technologies LP purchased a new stake in Gorman-Rupp in the 3rd quarter valued at approximately $154,000. Fisher Asset Management LLC increased its position in Gorman-Rupp by 6.6% during the 3rd quarter. Fisher Asset Management LLC now owns 48,086 shares of the industrial products company’s stock worth $1,873,000 after purchasing an additional 2,987 shares during the period. Finally, Quest Partners LLC increased its position in Gorman-Rupp by 50,800.0% during the 3rd quarter. Quest Partners LLC now owns 7,635 shares of the industrial products company’s stock worth $297,000 after purchasing an additional 7,620 shares during the period. 59.26% of the stock is currently owned by hedge funds and other institutional investors.

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.