Gorman-Rupp Co (NYSE:GRC) declared a quarterly dividend on Thursday, January 25th, Zacks reports. Shareholders of record on Thursday, February 15th will be given a dividend of 0.125 per share by the industrial products company on Friday, March 9th. This represents a $0.50 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, February 14th.
Gorman-Rupp has increased its dividend by an average of 8.3% per year over the last three years and has raised its dividend annually for the last 45 consecutive years. Gorman-Rupp has a dividend payout ratio of 45.5% meaning its dividend is sufficiently covered by earnings.
Shares of Gorman-Rupp (GRC) opened at $27.25 on Tuesday. The stock has a market capitalization of $736.99, a price-to-earnings ratio of 23.14 and a beta of 1.18. Gorman-Rupp has a one year low of $23.55 and a one year high of $33.50.
Separately, Zacks Investment Research upgraded Gorman-Rupp from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research note on Tuesday, October 31st.
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Gorman-Rupp Company Profile
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. The Company offers its products for use in dewatering; petroleum original equipment; agriculture; fire protection; heating, ventilating and air conditioning; military, and other liquid-handling applications. The Company operates in the manufacture and international sale of pumps and pump systems segment.
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