Gorman-Rupp (NYSE:GRC) Stock Price Down 10.4% After Earnings Miss

The Gorman-Rupp Company (NYSE:GRC)’s stock price dropped 10.4% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $32.50 and last traded at $32.68. Approximately 25,047 shares changed hands during trading, a decline of 64% from the average daily volume of 70,530 shares. The stock had previously closed at $36.46.

The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.05). Gorman-Rupp had a return on equity of 10.60% and a net margin of 5.52%. The business had revenue of $159.27 million for the quarter, compared to analysts’ expectations of $168.49 million.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. New York State Teachers Retirement System purchased a new stake in Gorman-Rupp in the 1st quarter valued at $82,000. Assenagon Asset Management S.A. raised its position in Gorman-Rupp by 42.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 62,433 shares of the industrial products company’s stock worth $2,469,000 after buying an additional 18,579 shares during the last quarter. Swisher Financial Concepts Inc. purchased a new position in Gorman-Rupp during the 1st quarter worth $216,000. Toth Financial Advisory Corp purchased a new position in Gorman-Rupp during the 1st quarter worth $624,000. Finally, Livelsberger Financial Advisory purchased a new position in Gorman-Rupp during the 4th quarter worth $640,000. Institutional investors and hedge funds own 59.26% of the company’s stock.

Gorman-Rupp Stock Performance

The company has a market cap of $874.44 million, a PE ratio of 24.17, a P/E/G ratio of 1.53 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.31 and a current ratio of 2.35. The stock’s 50-day simple moving average is $37.29 and its 200 day simple moving average is $34.48.

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.