Gorman-Rupp (NYSE:GRC) Shares Down 10.4% on Disappointing Earnings

Shares of The Gorman-Rupp Company (NYSE:GRC) were down 10.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $32.50 and last traded at $32.68. Approximately 25,047 shares traded hands during trading, a decline of 64% from the average daily volume of 70,530 shares. The stock had previously closed at $36.46.

The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Gorman-Rupp had a net margin of 5.52% and a return on equity of 10.60%. The company had revenue of $159.27 million for the quarter, compared to analysts’ expectations of $168.49 million.

Hedge Funds Weigh In On Gorman-Rupp

Hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System purchased a new position in Gorman-Rupp in the first quarter worth about $82,000. Global Retirement Partners LLC raised its holdings in Gorman-Rupp by 92.2% in the 4th quarter. Global Retirement Partners LLC now owns 2,706 shares of the industrial products company’s stock worth $88,000 after acquiring an additional 1,298 shares during the last quarter. Quest Partners LLC bought a new position in Gorman-Rupp in the 4th quarter valued at approximately $120,000. Swisher Financial Concepts Inc. purchased a new stake in Gorman-Rupp during the 1st quarter valued at $216,000. Finally, Jump Financial LLC purchased a new stake in Gorman-Rupp during the 3rd quarter valued at $217,000. Institutional investors own 59.26% of the company’s stock.

Gorman-Rupp Trading Up 6.0 %

The firm has a market cap of $874.44 million, a P/E ratio of 24.17, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.31 and a current ratio of 2.35. The stock has a fifty day simple moving average of $37.29 and a 200 day simple moving average of $34.48.

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.