The Gorman-Rupp Company (NYSE:GRC) Sees Large Drop in Short Interest

The Gorman-Rupp Company (NYSE:GRC - Get Free Report) was the target of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 128,700 shares, a decrease of 21.5% from the February 13th total of 164,000 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily volume of 65,200 shares, the days-to-cover ratio is currently 2.0 days.

Gorman-Rupp Price Performance

NYSE GRC traded down $1.15 during mid-day trading on Friday, hitting $35.87. The stock had a trading volume of 57,090 shares, compared to its average volume of 79,846. The company has a 50 day simple moving average of $37.89 and a 200 day simple moving average of $38.78. The company has a quick ratio of 1.38, a current ratio of 2.39 and a debt-to-equity ratio of 0.99. The company has a market cap of $940.80 million, a price-to-earnings ratio of 23.44, a P/E/G ratio of 1.54 and a beta of 0.94. Gorman-Rupp has a 52-week low of $30.47 and a 52-week high of $43.79.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its quarterly earnings data on Friday, February 7th. The industrial products company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.03). Gorman-Rupp had a return on equity of 12.79% and a net margin of 6.08%. During the same quarter in the previous year, the business earned $0.34 earnings per share. Equities analysts forecast that Gorman-Rupp will post 1.98 EPS for the current fiscal year.

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Gorman-Rupp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $0.185 per share. The ex-dividend date was Friday, February 14th. This represents a $0.74 annualized dividend and a dividend yield of 2.06%. Gorman-Rupp's dividend payout ratio is currently 48.37%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, February 25th.

Hedge Funds Weigh In On Gorman-Rupp

A number of institutional investors have recently made changes to their positions in GRC. Barclays PLC raised its holdings in Gorman-Rupp by 317.9% in the 3rd quarter. Barclays PLC now owns 34,777 shares of the industrial products company's stock valued at $1,355,000 after acquiring an additional 26,455 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Gorman-Rupp by 91.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 24,711 shares of the industrial products company's stock valued at $937,000 after purchasing an additional 11,827 shares during the period. Walleye Capital LLC acquired a new position in Gorman-Rupp in the third quarter valued at $595,000. Mechanics Financial Corp lifted its position in Gorman-Rupp by 105.7% during the third quarter. Mechanics Financial Corp now owns 1,012,825 shares of the industrial products company's stock worth $39,450,000 after buying an additional 520,361 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in Gorman-Rupp in the 4th quarter worth about $935,000. 59.26% of the stock is owned by institutional investors and hedge funds.

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.