Gorman-Rupp increases dividend by 6.9% in 2020

Pump maker 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 last year and will mark 48 straight years of dividend hikes.

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. 

This action will mark the 283rd consecutive quarterly dividend paid by The Gorman-Rupp Company and the 48th consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.

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 company pays its shareholders an estimated $16 million in dividends annually. Gorman-Rupp has a market cap of $888 million with the stock price down almost 10 percent year-to-date. Another industrial company announcing a dividend increase last week is Standex International.

Founded in 1933, The Gorman-Rupp Company 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.