Gorman-Rupp (NYSE:GRC) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Gorman-Rupp shares moved above their 200-day moving average, trading as high as $81.15 and last changing hands at $80.59. The move came with volume of 154,817 shares.
• Analyst sentiment is currently mixed but leans neutral, after recent rating changes from several firms. MarketBeat says the stock’s average rating is now Hold.
• The company delivered a solid quarterly earnings beat, posting $0.68 EPS versus the expected $0.49 and revenue of $176.59 million above estimates. It also paid a quarterly dividend of $0.19, implying a 0.9% annualized yield.

Gorman-Rupp Company (The) (NYSE:GRC - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $68.20 and traded as high as $81.15. Gorman-Rupp shares last traded at $80.59, with a volume of 154,817 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GRC. Zacks Research cut shares of Gorman-Rupp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Weiss Ratings lowered shares of Gorman-Rupp from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, June 12th. Wall Street Zen raised shares of Gorman-Rupp from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 2nd. Finally, Freedom Capital raised Gorman-Rupp to a "hold" rating in a report on Monday, May 18th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Gorman-Rupp currently has an average rating of "Hold".

Gorman-Rupp Stock Performance

The stock's fifty day simple moving average is $80.25 and its 200-day simple moving average is $68.20. The company has a market capitalization of $2.13 billion, a PE ratio of 36.14, a PEG ratio of 2.34 and a beta of 1.28. The company has a quick ratio of 1.76, a current ratio of 2.93 and a debt-to-equity ratio of 0.69.

Gorman-Rupp (NYSE:GRC - Get Free Report) last posted its earnings results on Thursday, April 23rd. The industrial products company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.19. Gorman-Rupp had a return on equity of 15.08% and a net margin of 8.45%.The company had revenue of $176.59 million for the quarter, compared to analyst estimates of $170.61 million. On average, research analysts predict that Gorman-Rupp Company will post 2.6 earnings per share for the current fiscal year.

Gorman-Rupp Dividend Announcement

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

Institutional Trading of Gorman-Rupp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank purchased a new position in Gorman-Rupp in the 4th quarter valued at about $31,000. NewEdge Advisors LLC raised its position in shares of Gorman-Rupp by 130.7% in the fourth quarter. NewEdge Advisors LLC now owns 669 shares of the industrial products company's stock valued at $32,000 after buying an additional 379 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of Gorman-Rupp by 125.0% during the second quarter. Osaic Holdings Inc. now owns 1,690 shares of the industrial products company's stock valued at $62,000 after buying an additional 939 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Gorman-Rupp by 135.2% during the second quarter. Tower Research Capital LLC TRC now owns 2,053 shares of the industrial products company's stock valued at $75,000 after buying an additional 1,180 shares during the period. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Gorman-Rupp during the first quarter worth $89,000. Hedge funds and other institutional investors own 59.26% of the company's stock.

About Gorman-Rupp

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.

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