Gorman-Rupp raises dividend for 45th consecutive year
The quarterly dividend will be increased to $0.125 per share, marking the 45th consecutive year of dividend increases. Last week water utility Middlesex Water also hiked its dividend for the 45th straight year.
The new dividend is payable December 8, 2017, to shareholders of record November 15, 2017. The new dividend yield for GRC is 1.6%.
This will mark the 271st consecutive quarterly dividend paid by The Gorman-Rupp Company and the 45th consecutive year of increased dividends paid to its shareholders.
|Gorman-Rupp has raised its dividend 45 consecutive years|
Gorman-Rupp has reported lower revenues in both 2015 and 2016. For the current year (2017) analysts also expect a lower revenue of $380.4 million, down 0.4 percent from 2016.
Currently the only two analysts rating the stock have a 'hold' recommendation for GRC with an average price target of $35.00, leaving a 10% upside from the current price of $31.55.
The Gorman-Rupp Company designs, manufactures and sells pumps and pump systems. Founded in 1933, Gorman-Rupp is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. Its larger pumps are sold for use in the construction, industrial, water and wastewater handling fields; for flood control; for improving low residential water pressure, and for pumping refined petroleum products, including the ground refueling of aircraft, and for various agricultural purposes.