Gorman-Rupp (NYSE:GRC) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Gorman-Rupp Company (The) (NYSE:GRC)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $68.20 and traded as high as $81.15. Gorman-Rupp shares last traded at $80.59, with a volume of 154,817 shares.

Analysts Set New Price Targets

A number of research firms recently commented on GRC. Wall Street Zen upgraded Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 2nd. Freedom Capital upgraded Gorman-Rupp to a “hold” rating in a report on Monday, May 18th. Weiss Ratings lowered Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. Finally, Zacks Research cut Gorman-Rupp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Gorman-Rupp Trading Down 1.4%

The company’s fifty day simple moving average is $80.30 and its two-hundred day simple moving average is $68.28. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 35.70, a price-to-earnings-growth ratio of 2.39 and a beta of 1.28. The company has a quick ratio of 1.76, a current ratio of 2.93 and a debt-to-equity ratio of 0.69.

Gorman-Rupp (NYSE:GRC) last announced its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.19. The company had revenue of $176.59 million during the quarter, compared to analyst estimates of $170.61 million. Gorman-Rupp had a net margin of 8.45% and a return on equity of 15.08%. Research analysts forecast that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, May 15th. Gorman-Rupp’s payout ratio is presently 34.08%.

Institutional Investors Weigh In On Gorman-Rupp

Several large investors have recently modified their holdings of the business. Huntington National Bank acquired a new position in shares of Gorman-Rupp in the 4th quarter valued at approximately $31,000. NewEdge Advisors LLC raised its holdings in Gorman-Rupp by 130.7% during the 4th quarter. NewEdge Advisors LLC now owns 669 shares of the industrial products company’s stock worth $32,000 after buying an additional 379 shares during the period. Geneos Wealth Management Inc. acquired a new stake in Gorman-Rupp during the 1st quarter worth approximately $89,000. Fifth Third Bancorp raised its holdings in Gorman-Rupp by 14.1% during the 1st quarter. Fifth Third Bancorp now owns 1,461 shares of the industrial products company’s stock worth $91,000 after buying an additional 180 shares during the period. Finally, Osaic Holdings Inc. lifted its stake in Gorman-Rupp by 125.0% in the second quarter. Osaic Holdings Inc. now owns 1,690 shares of the industrial products company’s stock valued at $62,000 after buying an additional 939 shares in the last quarter. 59.26% of the stock is currently owned by institutional investors.

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.