Gorman-Rupp (NYSE:GRC) Reaches New 12-Month High – Here’s What Happened

The Gorman-Rupp Company (NYSE:GRC)’s share price reached a new 52-week high on Wednesday . The company traded as high as $42.41 and last traded at $41.72, with a volume of 6295 shares. The stock had previously closed at $38.73.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 6th.

Gorman-Rupp Price Performance

The business has a 50 day simple moving average of $38.08 and a two-hundred day simple moving average of $37.05. The firm has a market capitalization of $1.11 billion, a P/E ratio of 26.74, a price-to-earnings-growth ratio of 1.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.38 and a current ratio of 2.39.

Gorman-Rupp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. This represents a $0.74 annualized dividend and a yield of 1.75%. Gorman-Rupp’s payout ratio is presently 49.66%.

Hedge Funds Weigh In On Gorman-Rupp

A number of institutional investors have recently made changes to their positions in GRC. Farther Finance Advisors LLC raised its position in Gorman-Rupp by 5,461.5% during the third quarter. Farther Finance Advisors LLC now owns 723 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 710 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in Gorman-Rupp during the 3rd quarter valued at $29,000. nVerses Capital LLC bought a new stake in Gorman-Rupp in the 3rd quarter worth $31,000. CWM LLC increased its position in shares of Gorman-Rupp by 76.8% in the second quarter. CWM LLC now owns 921 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Finally, Copeland Capital Management LLC bought a new position in shares of Gorman-Rupp during the third quarter valued at about $58,000. Institutional investors 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.