Gorman-Rupp Co (NYSE:GRC) declared a quarterly dividend on Monday, April 29th, Wall Street Journal reports. Investors of record on Wednesday, May 15th will be given a dividend of 0.135 per share by the industrial products company on Monday, June 10th. This represents a $0.54 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, May 14th.
Gorman-Rupp has raised its dividend by an average of 8.0% annually over the last three years and has raised its dividend every year for the last 46 years. Gorman-Rupp has a dividend payout ratio of 49.1% meaning its dividend is sufficiently covered by earnings.
NYSE:GRC traded up $0.33 during midday trading on Monday, reaching $33.45. 39,424 shares of the company traded hands, compared to its average volume of 47,589. Gorman-Rupp has a twelve month low of $29.94 and a twelve month high of $38.26. The firm has a market capitalization of $868.62 million, a P/E ratio of 20.44 and a beta of 0.96.
In related news, Director Christopher H. Lake sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $33.07, for a total transaction of $66,140.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.40% of the company’s stock.
Gorman-Rupp Company Profile
The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems worldwide. 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.
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