The Gorman-Rupp Company (NYSE:GRC) Plans Dividend Increase – $0.19 Per Share

The Gorman-Rupp Company (NYSE:GRC) announced a quarterly dividend on Friday, October 25th, Zacks reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.185 per share by the industrial products company on Tuesday, December 10th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Gorman-Rupp’s previous quarterly dividend of $0.18.

Gorman-Rupp has raised its dividend payment by an average of 6.1% annually over the last three years and has raised its dividend every year for the last 51 years. Gorman-Rupp has a dividend payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Gorman-Rupp to earn $1.98 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 36.4%.

Gorman-Rupp Price Performance

NYSE:GRC traded down $0.72 during midday trading on Friday, hitting $37.36. 54,915 shares of the stock were exchanged, compared to its average volume of 49,016. The company has a market capitalization of $979.95 million, a price-to-earnings ratio of 28.74, a P/E/G ratio of 1.59 and a beta of 0.91. The company has a current ratio of 2.45, a quick ratio of 1.44 and a debt-to-equity ratio of 1.05. Gorman-Rupp has a one year low of $28.87 and a one year high of $42.24. The business has a 50-day moving average price of $38.22 and a two-hundred day moving average price of $36.99.

Gorman-Rupp (NYSE:GRC) last posted its quarterly earnings data on Friday, October 25th. The industrial products company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). The firm had revenue of $168.18 million during the quarter, compared to the consensus estimate of $170.81 million. Gorman-Rupp had a return on equity of 11.39% and a net margin of 5.20%. Sell-side analysts predict that Gorman-Rupp will post 1.85 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Gorman-Rupp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 6th.

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.