On October 28, 2022, a company headquartered in Mansfield, Ohio since 1933 joined the list of Dividend Kings. This company designs, manufactures and sells pumps for use in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications.
In other words, the specialize in pumps. And they pay dividends.
All hail The Gorman-Rupp Company!
It may have started out as one small company when it was first established by J.C. Gorman and H.E. Rupp, but now Gorman-Rupp Co [GRC] employs 1,400 and has 11 subsidiary companies doing business in the United States, Canada, the Netherlands, Belgium, Ireland, and South Africa.
GRC is the 12th industrial to become a Dividend King.
Trading at $28.33 as of the time of this writing, GRC is trading at where it was in May 2008. Their earnings per share are projected to be about $1.00 compared to $1.69 EPS in 2008. It is unlikely that GRC will be added to the portfolio any time soon, but we’re still happy to welcome them into the Empire.