Wasatch Advisors LP Has $12.46 Million Holdings in Holley Inc. $HLLY

Wasatch Advisors LP raised its stake in Holley Inc. (NYSE:HLLY) by 35.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 4,887,038 shares of the company’s stock after buying an additional 1,269,256 shares during the quarter. Wasatch Advisors LP’s holdings in Holley were worth $12,462,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Holley by 1.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company’s stock valued at $30,749,000 after purchasing an additional 122,331 shares in the last quarter. Boston Partners lifted its position in Holley by 59.2% during the third quarter. Boston Partners now owns 7,652,545 shares of the company’s stock worth $24,028,000 after purchasing an additional 2,845,009 shares during the period. Vanguard Group Inc. grew its stake in Holley by 3.1% during the third quarter. Vanguard Group Inc. now owns 3,677,058 shares of the company’s stock worth $11,546,000 after buying an additional 110,170 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Holley by 25.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company’s stock worth $7,512,000 after buying an additional 495,923 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in Holley by 43.9% in the 3rd quarter. Bank of America Corp DE now owns 2,156,742 shares of the company’s stock valued at $6,772,000 after buying an additional 658,405 shares during the period. 39.70% of the stock is currently owned by institutional investors.

Holley Price Performance

Shares of NYSE:HLLY opened at $3.18 on Thursday. The firm has a market cap of $386.24 million, a PE ratio of 39.75 and a beta of 1.31. The firm’s fifty day moving average is $2.63 and its 200-day moving average is $3.09. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. Holley Inc. has a 52 week low of $2.33 and a 52 week high of $4.48.

Holley (NYSE:HLLY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. Holley had a return on equity of 8.41% and a net margin of 1.68%.The company had revenue of $172.01 million during the quarter, compared to analysts’ expectations of $172.63 million. Sell-side analysts predict that Holley Inc. will post 0.39 earnings per share for the current year.

Holley announced that its board has authorized a stock repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HLLY. Raymond James Financial set a $4.00 target price on Holley in a research note on Thursday, May 7th. Freedom Capital upgraded Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Holley in a report on Monday, June 29th. Wall Street Zen upgraded Holley from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings lowered Holley from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Holley presently has a consensus rating of “Moderate Buy” and an average price target of $4.90.

About Holley

Holley Inc is a designer, manufacturer and marketer of high?performance automotive products for the enthusiast market. Through its portfolio of well?known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine?dress accessories tailored to both street and competition applications. Holley’s products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.

The company’s product offerings span mechanical and electronic fuel injection, carburetion, engine management, add?on power systems and calibration tools.