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

Shares of Gorman-Rupp Company (The) (NYSE:GRC) rose 9.1% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $72.16 and last traded at $72.2150. Approximately 18,005 shares changed hands during 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 the consensus estimate 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 Announces Dividend

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

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Gorman-Rupp in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Gorman-Rupp has a consensus rating of “Buy”.

Hedge Funds Weigh In On Gorman-Rupp

Several large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its holdings in Gorman-Rupp by 10.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,903 shares of the industrial products company’s stock valued at $1,609,000 after buying an additional 2,372 shares during the last quarter. Total Clarity Wealth Management Inc. acquired a new position in shares of Gorman-Rupp during the first quarter worth approximately $472,000. SG Americas Securities LLC boosted its position in shares of Gorman-Rupp by 65.5% in the first quarter. SG Americas Securities LLC now owns 18,361 shares of the industrial products company’s stock valued at $1,141,000 after acquiring an additional 7,265 shares during the period. Corient Private Wealth LLC acquired a new stake in shares of Gorman-Rupp in the fourth quarter worth $205,000. Finally, Invesco Ltd. grew its stake in shares of Gorman-Rupp by 23.1% in the fourth quarter. Invesco Ltd. now owns 95,126 shares of the industrial products company’s stock worth $4,542,000 after acquiring an additional 17,867 shares during the last quarter. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Price Performance

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

About Gorman-Rupp

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.