Generac (NYSE:GNRC) Shares Gap Up – Here’s Why

Generac Holdings Inc. (NYSE:GNRC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $247.79, but opened at $260.02. Generac shares last traded at $262.7260, with a volume of 159,517 shares.

Wall Street Analysts Forecast Growth

GNRC has been the subject of a number of research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Generac in a report on Tuesday. Guggenheim restated a “neutral” rating and set a $202.00 target price on shares of Generac in a report on Tuesday, February 10th. Wells Fargo & Company raised their target price on shares of Generac from $238.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Zacks Research upgraded shares of Generac from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Jefferies Financial Group upgraded shares of Generac from a “hold” rating to a “buy” rating and upped their price target for the company from $239.00 to $302.00 in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Generac presently has a consensus rating of “Moderate Buy” and an average price target of $276.88.

Generac Trading Up 8.3%

The company has a current ratio of 2.03, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a market cap of $15.80 billion, a PE ratio of 84.03, a P/E/G ratio of 2.29 and a beta of 1.93. The company’s 50-day moving average is $221.62 and its 200 day moving average is $188.65.

Generac (NYSE:GNRC) last issued its quarterly earnings results on Wednesday, April 29th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.33 by $0.47. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Generac had a net margin of 4.37% and a return on equity of 15.45%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.26 EPS. As a group, sell-side analysts predict that Generac Holdings Inc. will post 8.91 EPS for the current year.

Insider Transactions at Generac

In other Generac news, CFO York A. Ragen sold 24,362 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $235.61, for a total value of $5,739,930.82. Following the completion of the sale, the chief financial officer owned 137,182 shares in the company, valued at $32,321,451.02. This represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Generac

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DAVENPORT & Co LLC lifted its position in Generac by 4.4% in the 4th quarter. DAVENPORT & Co LLC now owns 387,082 shares of the technology company’s stock worth $53,190,000 after buying an additional 16,229 shares in the last quarter. Strs Ohio raised its holdings in shares of Generac by 583.4% during the 3rd quarter. Strs Ohio now owns 58,096 shares of the technology company’s stock valued at $9,725,000 after purchasing an additional 49,595 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Generac by 2.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 597,559 shares of the technology company’s stock valued at $100,031,000 after purchasing an additional 15,280 shares in the last quarter. Lighthouse Investment Partners LLC raised its holdings in shares of Generac by 556.7% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 51,903 shares of the technology company’s stock valued at $8,689,000 after purchasing an additional 43,999 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP bought a new position in shares of Generac during the 3rd quarter valued at $2,159,000. Hedge funds and other institutional investors own 84.04% of the company’s stock.

Generac Company Profile

Generac Holdings Inc (NYSE: GNRC) is a leading manufacturer of backup power generation products for residential, commercial and industrial applications. The company offers a comprehensive portfolio of standby and portable generators, transfer switches and power management systems designed to provide reliable electricity during power outages and other critical situations. With an emphasis on innovation, Generac has expanded its offerings to include clean energy technologies such as battery storage and integrated solar-plus-storage systems.

Generac’s product lineup addresses a broad range of customer needs.