Holley (NYSE:HLLY) Lowered to Hold Rating by Freedom Capital

Freedom Capital cut shares of Holley (NYSE:HLLY) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Several other research analysts also recently weighed in on HLLY. Benchmark reduced their target price on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Holley in a research note on Monday, June 29th. Raymond James Financial set a $4.00 price target on shares of Holley in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Holley from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Zacks Research raised shares of Holley from a “hold” rating to a “strong-buy” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Holley currently has an average rating of “Moderate Buy” and a consensus target price of $4.90.

Holley Stock Performance

Shares of NYSE HLLY opened at $2.98 on Thursday. The company’s fifty day moving average price is $2.64 and its 200 day moving average price is $3.08. 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 has a 1 year low of $2.33 and a 1 year high of $4.48. The company has a market capitalization of $362.56 million, a PE ratio of 37.31 and a beta of 1.31.

Holley (NYSE:HLLY) last announced 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. The firm had revenue of $172.01 million during the quarter, compared to analyst estimates of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. On average, research analysts predict that Holley will post 0.39 earnings per share for the current year.

Holley announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 26th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the company to buy up to 8.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Deutsche Bank AG increased its stake in shares of Holley by 7.2% in the 4th quarter. Deutsche Bank AG now owns 48,294 shares of the company’s stock worth $199,000 after acquiring an additional 3,251 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Holley by 37.1% in the 4th quarter. ProShare Advisors LLC now owns 13,961 shares of the company’s stock valued at $58,000 after purchasing an additional 3,777 shares during the last quarter. State Street Corp raised its position in shares of Holley by 0.3% during the 4th quarter. State Street Corp now owns 1,141,534 shares of the company’s stock valued at $4,715,000 after buying an additional 3,788 shares during the period. Verition Fund Management LLC increased its stake in Holley by 10.7% during the fourth quarter. Verition Fund Management LLC now owns 47,831 shares of the company’s stock worth $198,000 after acquiring an additional 4,638 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Holley by 16.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,542 shares of the company’s stock worth $65,000 after purchasing an additional 4,661 shares during the period. 39.70% of the stock is owned by hedge funds and other institutional investors.

Holley Company Profile

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.