Gorman-Rupp Company (The) (NYSE:GRC) Plans Quarterly Dividend of $0.19

Key Points

• Gorman-Rupp Company (NYSE:GRC) declared a quarterly dividend of $0.19 per share, with an annualized yield of 1.96%, reflecting a dividend payout ratio of 31.1% that is well-supported by earnings.
• The company beat analysts' expectations with a reported $0.60 EPS for the quarter, surpassing estimates of $0.55, and has a projected EPS of $2.25 for the upcoming year.
• Institutional investors have shown significant interest, with Jane Street Group increasing its holdings by 203% in the first quarter, demonstrating strong support from financial institutions.

Gorman-Rupp Company (The) (NYSE:GRC - Get Free Report) declared a quarterly dividend on Friday, July 25th, RTT News reports. Investors of record on Friday, August 15th will be paid a dividend of 0.185 per share by the industrial products company on Wednesday, September 10th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.96%.

Gorman-Rupp has a dividend payout ratio of 31.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Gorman-Rupp to earn $2.25 per share next year, which means the company should continue to be able to cover its $0.74 annual dividend with an expected future payout ratio of 32.9%.

Gorman-Rupp Trading Down 0.5%

Shares of GRC opened at $37.76 on Friday. The company's fifty day simple moving average is $37.07 and its 200-day simple moving average is $36.79. The company has a market cap of $992.66 million, a P/E ratio of 22.34, a P/E/G ratio of 1.47 and a beta of 1.17. The company has a current ratio of 2.42, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. Gorman-Rupp has a twelve month low of $30.87 and a twelve month high of $43.79.

Gorman-Rupp (NYSE:GRC - Get Free Report) last released its earnings results on Friday, July 25th. The industrial products company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.05. Gorman-Rupp had a net margin of 6.68% and a return on equity of 13.57%. As a group, analysts expect that Gorman-Rupp will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Gorman-Rupp

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRC. Jane Street Group LLC increased its holdings in Gorman-Rupp by 203.0% in the 1st quarter. Jane Street Group LLC now owns 48,499 shares of the industrial products company's stock worth $1,702,000 after acquiring an additional 32,494 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Gorman-Rupp by 13.4% in 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 worth $2,278,000 after acquiring an additional 7,667 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Gorman-Rupp by 9.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 281,709 shares of the industrial products company's stock worth $9,888,000 after acquiring an additional 25,033 shares in the last quarter. Hedge funds and other institutional investors own 59.26% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 25th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.