Gorman-Rupp (NYSE:GRC) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Gorman-Rupp (NYSE:GRCGet Rating) from a strong-buy rating to a hold rating in a research report released on Tuesday.

Separately, TheStreet cut Gorman-Rupp from a b- rating to a c+ rating in a report on Wednesday, June 8th.

Gorman-Rupp Trading Down 2.1 %

Gorman-Rupp stock opened at $28.23 on Tuesday. The stock has a 50 day moving average of $28.64 and a two-hundred day moving average of $33.12. The stock has a market capitalization of $736.21 million, a price-to-earnings ratio of 33.61 and a beta of 0.64. Gorman-Rupp has a twelve month low of $26.83 and a twelve month high of $47.12.

Gorman-Rupp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Monday, August 15th will be issued a $0.17 dividend. The ex-dividend date is Friday, August 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.41%. Gorman-Rupp’s dividend payout ratio is currently 80.95%.

Hedge Funds Weigh In On Gorman-Rupp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Gorman-Rupp by 0.4% during the first quarter. Vanguard Group Inc. now owns 2,083,871 shares of the industrial products company’s stock worth $74,769,000 after buying an additional 8,477 shares in the last quarter. First Trust Advisors LP increased its position in Gorman-Rupp by 11.6% during the fourth quarter. First Trust Advisors LP now owns 579,578 shares of the industrial products company’s stock worth $25,820,000 after buying an additional 60,124 shares in the last quarter. State Street Corp increased its position in Gorman-Rupp by 3.0% during the first quarter. State Street Corp now owns 457,099 shares of the industrial products company’s stock worth $16,401,000 after buying an additional 13,488 shares in the last quarter. Cooke & Bieler LP increased its position in Gorman-Rupp by 26.9% during the second quarter. Cooke & Bieler LP now owns 427,228 shares of the industrial products company’s stock worth $12,091,000 after buying an additional 90,660 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Gorman-Rupp by 22.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 418,149 shares of the industrial products company’s stock worth $18,629,000 after buying an additional 76,787 shares in the last quarter. 55.88% of the stock is owned by institutional investors and hedge funds.

About Gorman-Rupp

(Get Rating)

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.

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