Gorman-Rupp Co. (NYSEMKT:GRC) released its quarterly earnings results on Friday. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.02. The firm earned $91.30 million during the quarter, compared to the consensus estimate of $102.10 million. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 earnings per share.
Gorman-Rupp (NYSEMKT:GRC) opened at 23.47 on Monday. Gorman-Rupp has a 12-month low of $21.09 and a 12-month high of $32.60. The stock’s 50 day moving average price is $25.15 and its 200-day moving average price is $27.12. The firm has a market cap of $612.36 million, a PE ratio of 24.25 and a beta of 1.13.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Tuesday, November 15th will be issued a dividend of $0.115 per share. The ex-dividend date is Thursday, November 10th. This represents a $0.46 dividend on an annualized basis and a dividend yield of Infinity. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.11. Gorman-Rupp’s payout ratio is 45.65%.
In related news, Director Kenneth R. Reynolds bought 2,500 shares of Gorman-Rupp stock in a transaction dated Thursday, August 11th. The shares were acquired at an average cost of $27.00 per share, with a total value of $67,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director W Wayne Walston sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $27.31, for a total transaction of $54,620.00. The disclosure for this sale can be found here.
Several institutional investors have recently modified their holdings of the company. Paloma Partners Management Co bought a new position in shares of Gorman-Rupp during the second quarter worth approximately $221,000. Guggenheim Capital LLC increased its position in Gorman-Rupp by 31.7% in the second quarter. Guggenheim Capital LLC now owns 56,902 shares of the company’s stock worth $1,561,000 after buying an additional 13,686 shares in the last quarter. Zacks Investment Management acquired a new position in Gorman-Rupp during the second quarter worth about $981,000. Hsbc Holdings PLC increased its position in Gorman-Rupp by 14.7% in the second quarter. Hsbc Holdings PLC now owns 10,682 shares of the company’s stock worth $293,000 after buying an additional 1,370 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Gorman-Rupp by 100.0% in the second quarter. Janney Montgomery Scott LLC now owns 23,364 shares of the company’s stock worth $640,000 after buying an additional 11,682 shares in the last quarter.
Several equities analysts have weighed in on the company. TheStreet cut Gorman-Rupp from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Zacks Investment Research raised Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective for the company in a report on Monday, August 1st. Finally, Sidoti assumed coverage on Gorman-Rupp in a report on Tuesday, September 20th. They issued a “neutral” rating and a $30.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus target price of $17.90.