Gorman-Rupp (NYSE:GRC) Reaches New 12-Month High – Should You Buy?

The Gorman-Rupp Company (NYSE:GRC)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $43.26 and last traded at $43.26, with a volume of 4534 shares trading hands. The stock had previously closed at $42.58.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Gorman-Rupp Trading Up 1.8 %

The stock has a market capitalization of $1.14 billion, a PE ratio of 29.37, a P/E/G ratio of 1.84 and a beta of 0.92. The firm has a 50 day moving average price of $39.20 and a 200 day moving average price of $37.78. The company has a quick ratio of 1.38, a current ratio of 2.39 and a debt-to-equity ratio of 0.99.

Gorman-Rupp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.71%. This is a positive change from Gorman-Rupp’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, November 15th. Gorman-Rupp’s dividend payout ratio is 51.03%.

Hedge Funds Weigh In On Gorman-Rupp

A number of large investors have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Gorman-Rupp by 317.9% in the third quarter. Barclays PLC now owns 34,777 shares of the industrial products company’s stock worth $1,355,000 after acquiring an additional 26,455 shares during the period. Zacks Investment Management bought a new position in shares of Gorman-Rupp in the third quarter worth $235,000. Point72 Asset Management L.P. bought a new position in shares of Gorman-Rupp in the third quarter worth $62,000. Needham Investment Management LLC boosted its holdings in shares of Gorman-Rupp by 218.8% in the third quarter. Needham Investment Management LLC now owns 127,500 shares of the industrial products company’s stock worth $4,966,000 after acquiring an additional 87,500 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Gorman-Rupp in the third quarter worth $209,000. 59.26% of the stock is owned by institutional investors.

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.