Gorman-Rupp hikes dividend by 6.9%

Gorman-Rupp (GRC) will raise its quarterly dividend by 6.9 percent to 15.5 cents per share in 2020. This follows a 7.4 percent increase to $0.145 per share in 2019. The pump manufacturer has increased its dividend 48 consecutive years.

The next dividend is payable December 10, 2020, to shareholders of record November 13, 2020. A new annual rate of 62 cents per share yields 1.7% at a stock price of $34.04.

Jeffrey S. Gorman, Chairman, President and CEO commented, “Gorman-Rupp is extremely proud to continue its long history of dividend payments and increased annual dividends. This current dividend increase reflects our ongoing commitment to creating value for our shareholders, as well as our confidence in the financial strength and long-term prospects for our Company.”

The Gorman-Rupp Company designs, manufactures and sells pumps and related equipment (pump and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications. The company, headquartered in Mansfield, Ohio, was founded in 1933 and has been paying uninterrupted quarterly dividends since 1949.