On September 13, 2023, research analysts at Northcoast Research initiated coverage on Gorman-Rupp (NYSE:GRC) with a “buy” rating and a price target of $40.00 per share, according to a research report released by Briefing.com.
Gorman-Rupp, a leading industrial products company, saw its stock open at $32.19 on Wednesday. The company boasts a quick ratio of 1.30, indicating its ability to meet short-term obligations with its liquid assets. Its current ratio stands at 2.50, representing the company’s ability to cover both short-term and long-term liabilities. Additionally, Gorman-Rupp maintains a debt-to-equity ratio of 1.21.
Over the past year, Gorman-Rupp shares have fluctuated between a low of $22.67 and a high of $33.74. With a market capitalization of $843.18 million, the company currently trades at a price-to-earnings ratio of 38.78 and has a beta value of 0.85. The stock’s average price over the last 50 days is $30.66, while its 200-day moving average stands at $27.31.
The Gorman-Rupp Company specializes in the design, manufacture, and sale of pumps and pump systems in both domestic and international markets. Their product range includes various types such as self-priming centrifugal pumps, standard centrifugal pumps, magnetic drive centrifugal pumps, axial and mixed flow pumps, vertical turbine line shaft pumps, submersible pumps, high-pressure booster pumps, rotary gear pumps, diaphragm pumps, bellows pumps, and oscillating pumps.
In its most recent earnings announcement on July 28th this year,Gorman-Rupp posted earnings per share (EPS) of $0.41 for the quarter along with revenue totaling $171.02 million. The company achieved a return on equity of 8.11% and a net margin of 3.43%.
Overall, Northcoast Research’s coverage initiation on Gorman-Rupp with a “buy” rating and the $40.00 price target implies a potential upside of 24.26% from its current trading price, suggesting optimism regarding the company’s future performance.
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Gorman-Rupp: Attracting Attention from Analysts and Hedge Funds
In the world of equities research, Gorman-Rupp seems to be attracting attention from various analysts and hedge funds. A recent report by StockNews.com has labeled the company as a “buy,” indicating positive prospects for investors. This sentiment was echoed by TheStreet, which upgraded Gorman-Rupp’s rating from a “c” to a “b-,” further adding to the mystique surrounding the company.
Furthermore, hedge funds have shown an active interest in Gorman-Rupp, with Quantbot Technologies LP purchasing a new position worth $28,000 during the second quarter. Tompkins Financial Corp also expressed confidence in the industrial products company by increasing its position by 500% to 1,200 shares valued at $35,000. Similarly, Global Retirement Partners LLC and CoreCap Advisors LLC joined forces by buying new positions worth $32,000 and $33,000 respectively.
Public Employees Retirement System of Ohio took their investment game to another level when they increased their holdings in Gorman-Rupp by a staggering 61% during the third quarter. This move signifies that institutional investors have recognized the potential of this industrial products company as part of their portfolios. It is interesting to note that institutional investors now account for 60.32% of Gorman-Rupp’s stock.
These findings indicate that Gorman-Rupp has caught the eye of both independent research analysts and large-scale investors alike. As we delve deeper into the perplexing nature of this surge in interest, one can’t help but wonder what exciting developments may lie ahead for this industrial products corporation.
While it is impossible to predict precisely what these developments may entail, it is evident that Gorman-Rupp is garnering attention for its attractive investment opportunities. With analysts endorsing it as a “buy” and hedge funds actively buying shares in the company, there is certainly something alluring about Gorman-Rupp’s prospects.
Investors who are looking to diversify their portfolios and take advantage of the potential growth in the industrial products sector may find Gorman-Rupp an enticing option. With institutional investors such as Public Employees Retirement System of Ohio increasing their stake, it further solidifies the notion that Gorman-Rupp has captivated the attention of those in the investment community.
As we move forward into September 13, 2023, it will be intriguing to see how Gorman-Rupp continues to navigate this period of bustiness and perplexity. Will independent analysts continue to endorse it? Will hedge funds increase their positions even further? Only time will unveil the answers to these questions. In the meantime, investors can undoubtedly observe Gorman-Rupp’s journey with a high degree of interest and curiosity.
