Gorman-Rupp (NYSE:GRC) Cut to “Buy” at StockNews.com

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

Gorman-Rupp Stock Up 2.5 %

GRC opened at $41.99 on Thursday. The stock’s 50 day moving average price is $39.01 and its 200 day moving average price is $37.61. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.39 and a quick ratio of 1.38. The stock has a market cap of $1.10 billion, a P/E ratio of 28.96, a P/E/G ratio of 1.75 and a beta of 0.92. Gorman-Rupp has a 12 month low of $30.47 and a 12 month high of $42.89.

Gorman-Rupp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.74 annualized dividend and a yield of 1.76%. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.18. Gorman-Rupp’s dividend payout ratio is presently 51.03%.

Hedge Funds Weigh In On Gorman-Rupp

Several large investors have recently bought and sold shares of GRC. Mechanics Financial Corp lifted its stake in shares of Gorman-Rupp by 105.7% in the 3rd quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company’s stock worth $39,450,000 after acquiring an additional 520,361 shares during the period. Robeco Schweiz AG acquired a new stake in Gorman-Rupp in the second quarter worth approximately $7,876,000. Needham Investment Management LLC boosted its stake in Gorman-Rupp by 218.8% during 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 purchasing an additional 87,500 shares in the last quarter. Barclays PLC increased its position 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 valued at $1,355,000 after purchasing an additional 26,455 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of Gorman-Rupp by 44.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 79,770 shares of the industrial products company’s stock worth $3,107,000 after buying an additional 24,683 shares in the last quarter. Institutional investors and hedge funds own 59.26% of the company’s stock.

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.