Zacks Research Downgrades Gorman-Rupp (NYSE:GRC) to Hold

Gorman-Rupp (NYSE:GRC) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Freedom Capital raised Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Wall Street Zen lowered shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings cut shares of Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold”.

Gorman-Rupp Stock Down 1.1%

GRC stock opened at $76.93 on Monday. The company has a quick ratio of 1.82, a current ratio of 2.81 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $2.03 billion, a PE ratio of 32.46, a PEG ratio of 2.24 and a beta of 1.29. Gorman-Rupp has a twelve month low of $41.85 and a twelve month high of $92.78. The stock has a 50-day simple moving average of $82.50 and a two-hundred day simple moving average of $73.89.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings results on Friday, July 24th. The industrial products company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Gorman-Rupp had a return on equity of 15.55% and a net margin of 8.88%.The firm had revenue of $186.07 million for the quarter, compared to analysts’ expectations of $188.89 million. On average, equities analysts predict that Gorman-Rupp will post 2.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Gorman-Rupp

A number of hedge funds and other institutional investors have recently bought and sold shares of GRC. California State Teachers Retirement System lifted its holdings in shares of Gorman-Rupp by 10,550.6% during the second quarter. California State Teachers Retirement System now owns 2,180,385 shares of the industrial products company’s stock valued at $200,029,000 after purchasing an additional 2,159,913 shares during the last quarter. BlackRock Inc. bought a new position in Gorman-Rupp in the 2nd quarter worth about $165,116,000. Victory Capital Management Inc. increased its stake 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 valued at $39,655,000 after purchasing an additional 564,000 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Gorman-Rupp by 326.1% during the first quarter. First Trust Advisors LP now owns 524,400 shares of the industrial products company’s stock valued at $32,581,000 after buying an additional 401,340 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Gorman-Rupp in the 2nd quarter worth approximately $33,565,000. Hedge funds and other institutional investors own 59.26% of the company’s stock.

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.