Gorman-Rupp (NYSE:GRC) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of Gorman-Rupp (NYSE:GRC) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

Several other analysts have also recently issued reports on GRC. Freedom Capital raised shares of Gorman-Rupp to a “hold” rating in a research note on Monday, May 18th. Weiss Ratings downgraded Gorman-Rupp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, June 12th. Finally, Wall Street Zen raised Gorman-Rupp from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Gorman-Rupp has an average rating of “Hold”.

Gorman-Rupp Price Performance

GRC opened at $86.13 on Tuesday. The company’s 50 day simple moving average is $76.62 and its 200 day simple moving average is $64.28. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.76 and a current ratio of 2.93. Gorman-Rupp has a 1 year low of $36.16 and a 1 year high of $89.62. The stock has a market capitalization of $2.27 billion, a PE ratio of 38.62, a P/E/G ratio of 2.56 and a beta of 1.31.

Gorman-Rupp (NYSE:GRC) last issued its quarterly earnings results on Thursday, April 23rd. The industrial products company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.49 by $0.19. The firm 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%. As a group, sell-side analysts expect that Gorman-Rupp will post 2.6 EPS for the current year.

Gorman-Rupp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, May 15th. Gorman-Rupp’s payout ratio is currently 34.08%.

Institutional Investors Weigh In On Gorman-Rupp

Several hedge funds have recently modified their holdings of GRC. Victory Capital Management Inc. boosted its holdings in Gorman-Rupp by 211.6% in the 4th quarter. Victory Capital Management Inc. now owns 830,480 shares of the industrial products company’s stock worth $39,655,000 after acquiring an additional 564,000 shares during the period. First Trust Advisors LP boosted its stake in shares of Gorman-Rupp by 326.1% in 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 purchasing an additional 401,340 shares during the period. Bank of America Corp DE grew its holdings in Gorman-Rupp by 1,056.7% during the 1st quarter. Bank of America Corp DE now owns 302,230 shares of the industrial products company’s stock valued at $18,778,000 after purchasing an additional 276,101 shares in the last quarter. Amundi purchased a new stake in Gorman-Rupp during the 4th quarter worth $5,942,000. Finally, Needham Investment Management LLC lifted its holdings in Gorman-Rupp by 30.0% in the 4th quarter. Needham Investment Management LLC now owns 260,000 shares of the industrial products company’s stock worth $12,415,000 after buying an additional 60,000 shares in the last quarter. 59.26% of the stock is currently owned by hedge funds and other 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.