Gorman-Rupp (NYSE:GRC) Trading 9.1% Higher After Strong Earnings

Gorman-Rupp Company (The) (NYSE:GRC)’s stock price rose 9.1% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $72.16 and last traded at $72.2150. Approximately 18,005 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 145,467 shares. The stock had previously closed at $66.21.

The industrial products company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.16. Gorman-Rupp had a return on equity of 14.06% and a net margin of 7.77%.

Gorman-Rupp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Friday, February 13th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.76 annualized dividend and a dividend yield of 1.1%. Gorman-Rupp’s payout ratio is currently 37.81%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Gorman-Rupp in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy”.

Institutional Trading of Gorman-Rupp

A number of hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in Gorman-Rupp by 211.6% during the 4th quarter. Victory Capital Management Inc. now owns 830,480 shares of the industrial products company’s stock worth $39,655,000 after purchasing an additional 564,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Gorman-Rupp by 2.1% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 753,862 shares of the industrial products company’s stock valued at $34,985,000 after purchasing an additional 15,178 shares in the last quarter. Gamco Investors INC. ET AL grew its position in Gorman-Rupp by 0.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 599,520 shares of the industrial products company’s stock valued at $28,627,000 after purchasing an additional 2,970 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Gorman-Rupp by 9.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 281,709 shares of the industrial products company’s stock valued at $9,888,000 after buying an additional 25,033 shares during the period. Finally, Needham Investment Management LLC increased its stake in Gorman-Rupp by 30.0% in the 4th quarter. Needham Investment Management LLC now owns 260,000 shares of the industrial products company’s stock valued at $12,415,000 after buying an additional 60,000 shares during the period. 59.26% of the stock is owned by hedge funds and other institutional investors.

Gorman-Rupp Trading Up 8.9%

The business’s 50-day simple moving average is $64.21 and its 200-day simple moving average is $54.40. The company has a market cap of $1.90 billion, a PE ratio of 35.84, a P/E/G ratio of 2.22 and a beta of 1.26. The company has a current ratio of 2.37, a quick ratio of 1.39 and a debt-to-equity ratio of 0.69.

Gorman-Rupp Company Profile

Gorman-Rupp Company is a U.S.-based manufacturer specializing in the design, production and distribution of pumps and pumping systems. Its product lineup includes centrifugal self-priming pumps, submersible pumps, vacuum priming pumps and engineered pumps for applications such as water and wastewater management, sewage handling, dewatering, industrial processing and agricultural irrigation. The company supports both standard pump requirements and custom engineered solutions for original equipment manufacturers (OEMs) and municipal clients.

Headquartered in Mansfield, Ohio, Gorman-Rupp has built a reputation for rugged, reliable equipment and aftermarket support services.