Gorman-Rupp (NYSE:GRC) Upgraded at StockNews.com

StockNews.com upgraded shares of Gorman-Rupp (NYSE:GRC - Free Report) from a buy rating to a strong-buy rating in a report issued on Friday morning.

Gorman-Rupp Stock Up 0.7 %

Shares of GRC stock traded up $0.31 during trading hours on Friday, reaching $42.60. 33,538 shares of the company's stock were exchanged, compared to its average volume of 85,671. The stock's fifty day moving average price is $39.55 and its two-hundred day moving average price is $37.97. The stock has a market cap of $1.12 billion, a PE ratio of 29.17, a PEG ratio of 1.83 and a beta of 0.92. Gorman-Rupp has a 1 year low of $30.47 and a 1 year high of $43.79. The company has a current ratio of 2.39, a quick ratio of 1.38 and a debt-to-equity ratio of 0.99.

Gorman-Rupp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be given a $0.185 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.74 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Gorman-Rupp's previous quarterly dividend of $0.18. Gorman-Rupp's dividend payout ratio is currently 51.03%.

Institutional Investors Weigh In On Gorman-Rupp

Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its position in Gorman-Rupp by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,339,069 shares of the industrial products company's stock worth $49,156,000 after purchasing an additional 17,340 shares in the last quarter. Mechanics Financial Corp boosted its position in Gorman-Rupp by 105.7% in the 3rd quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company's stock worth $39,450,000 after purchasing an additional 520,361 shares in the last quarter. Cooke & Bieler LP boosted its position in Gorman-Rupp by 3.3% in the 2nd quarter. Cooke & Bieler LP now owns 563,422 shares of the industrial products company's stock worth $20,683,000 after purchasing an additional 17,977 shares in the last quarter. Grace & White Inc. NY boosted its position in Gorman-Rupp by 1.5% in the 2nd quarter. Grace & White Inc. NY now owns 350,704 shares of the industrial products company's stock worth $12,874,000 after purchasing an additional 5,033 shares in the last quarter. Finally, Robeco Schweiz AG purchased a new stake in Gorman-Rupp in the 2nd quarter worth approximately $7,876,000. Hedge funds and other institutional investors own 59.26% of the company's stock.

Gorman-Rupp Company Profile

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.