Graham (NYSE:GHM) Shares Gap Up After Better-Than-Expected Earnings

Graham Co. (NYSE:GHM) shares gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $42.00, but opened at $49.50. Graham shares last traded at $46.87, with a volume of 139,994 shares trading hands.

The industrial products company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.17. Graham had a net margin of 4.60% and a return on equity of 9.35%. The business had revenue of $59.35 million for the quarter, compared to analysts’ expectations of $55.67 million.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Graham from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th.

Institutional Trading of Graham

Institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc lifted its stake in Graham by 26.0% in the 4th quarter. Legal & General Group Plc now owns 2,599 shares of the industrial products company’s stock worth $116,000 after purchasing an additional 536 shares in the last quarter. American Century Companies Inc. raised its position in shares of Graham by 137.4% during the 4th quarter. American Century Companies Inc. now owns 137,658 shares of the industrial products company’s stock valued at $6,122,000 after buying an additional 79,671 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Graham by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 653,991 shares of the industrial products company’s stock worth $29,083,000 after acquiring an additional 14,589 shares during the last quarter. Bank of America Corp DE grew its position in Graham by 22.7% in the fourth quarter. Bank of America Corp DE now owns 18,499 shares of the industrial products company’s stock worth $823,000 after acquiring an additional 3,423 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Graham by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 9,941 shares of the industrial products company’s stock worth $442,000 after acquiring an additional 960 shares in the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Graham Stock Up 3.7%

The firm’s 50-day moving average is $34.33 and its 200-day moving average is $37.72. The company has a market capitalization of $505.01 million, a PE ratio of 55.80 and a beta of 0.85.

Graham Company Profile

Graham Corporation, together with its subsidiaries, designs and manufactures fluid, power, heat transfer, and vacuum equipment for chemical and petrochemical processing, defense, space, petroleum refining, cryogenic, energy, and other industries. It offers power plant systems, including ejectors and surface condensers; torpedo ejection, propulsion, and power systems, such as turbines, alternators, regulators, pumps, and blowers; and thermal management systems comprising pumps, blowers, and drive electronics for defense sector.