Gorman-Rupp (NYSE:GRC) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Gorman-Rupp's shares jumped from a previous close of $37.88 to an opening price of $40.00 following their earnings report, which featured a $0.60 EPS that surpassed analysts' expectations.
• The company announced a $0.185 quarterly dividend, scheduled for September 10th, with an annualized yield of 1.85%.
• Wall Street analysts recently upgraded Gorman-Rupp from a "buy" to a "strong-buy" rating, indicating positive future growth prospects.
• Institutional ownership of Gorman-Rupp stands at 59.26%, with various firms significantly increasing their stakes in the company during the first quarter.

Gorman-Rupp Company (The) (NYSE:GRC - Get Free Report)'s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $37.88, but opened at $40.00. Gorman-Rupp shares last traded at $40.44, with a volume of 16,724 shares trading hands.

The industrial products company reported $0.60 EPS for the quarter, beating 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%.

Gorman-Rupp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.85%. Gorman-Rupp's dividend payout ratio (DPR) is 43.79%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Gorman-Rupp

Institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Gorman-Rupp by 8.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,329 shares of the industrial products company's stock valued at $468,000 after buying an additional 1,093 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Gorman-Rupp in the 1st quarter valued at about $45,000. GAMMA Investing LLC boosted its holdings in shares of Gorman-Rupp by 4,451.0% in the 1st quarter. GAMMA Investing LLC now owns 6,599 shares of the industrial products company's stock valued at $232,000 after buying an additional 6,454 shares in the last quarter. Aurora Private Wealth Inc. bought a new stake in shares of Gorman-Rupp in the 1st quarter valued at about $1,262,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Gorman-Rupp by 22.1% in the 4th quarter. Nuveen Asset Management LLC now owns 84,790 shares of the industrial products company's stock valued at $3,215,000 after buying an additional 15,362 shares in the last quarter. 59.26% of the stock is currently owned by institutional investors.

Gorman-Rupp Stock Up 5.6%

The firm has a market capitalization of $1.05 billion, a P/E ratio of 23.93, a PEG ratio of 1.47 and a beta of 1.17. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.35 and a current ratio of 2.42. The business's fifty day moving average price is $37.07 and its two-hundred day moving average price is $36.79.

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.

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