Gorman-Rupp (NYSE:GRC) Releases Earnings Results, Misses Expectations By $0.03 EPS

Gorman-Rupp (NYSE:GRC) announced its earnings results on Friday. The industrial products company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03), Zacks reports. The company had revenue of $172.83 million for the quarter, compared to the consensus estimate of $174.61 million. Gorman-Rupp had a net margin of 7.69% and a return on equity of 13.63%.

Gorman-Rupp Trading Down 5.6%

Shares of NYSE GRC opened at $46.39 on Friday. Gorman-Rupp has a 1 year low of $30.87 and a 1 year high of $49.24. The stock has a market cap of $1.22 billion, a P/E ratio of 24.29, a price-to-earnings-growth ratio of 1.76 and a beta of 1.22. The firm has a 50-day moving average of $44.56 and a 200 day moving average of $39.87. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.39 and a quick ratio of 1.39.

Gorman-Rupp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 14th will be given a dividend of $0.19 per share. This is an increase from Gorman-Rupp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.76 dividend on an annualized basis and a yield of 1.6%. Gorman-Rupp’s dividend payout ratio is 37.56%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GRC. Goldman Sachs Group Inc. lifted its position in Gorman-Rupp by 9.8% during 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 acquiring an additional 25,033 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Gorman-Rupp by 13.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,912 shares of the industrial products company’s stock valued at $2,278,000 after acquiring an additional 7,667 shares during the period. Jane Street Group LLC raised its holdings in Gorman-Rupp by 203.0% in the first quarter. Jane Street Group LLC now owns 48,499 shares of the industrial products company’s stock worth $1,702,000 after buying an additional 32,494 shares during the last quarter. Rhumbline Advisers raised its holdings in Gorman-Rupp by 17.4% in the second quarter. Rhumbline Advisers now owns 36,865 shares of the industrial products company’s stock worth $1,354,000 after buying an additional 5,462 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Gorman-Rupp by 8.6% in the second quarter. American Century Companies Inc. now owns 50,760 shares of the industrial products company’s stock worth $1,864,000 after buying an additional 4,020 shares during the last quarter. 59.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GRC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Gorman-Rupp in a research note on Saturday. Wall Street Zen lowered shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy”.

About Gorman-Rupp

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.