Zacks Investment Research upgraded shares of Generac Holdlings Inc. (NYSE:GNRC) from a hold rating to a buy rating in a research note published on Wednesday. They currently have $55.00 price target on the technology company’s stock.
According to Zacks, “Generac Holdings Inc. is a manufacturer of backup power generation products serving residential, light commercial and industrial markets. The Company designs, engineers, manufactures, and markets a range of automatic, stationary standby, and portable generators. Generac’s power systems range in output from 800 watts to 9 megawatts and are available through a broad network of independent and industrial dealers, retailers and wholesalers. The Company offers generators fueled by natural gas, liquid propane, gasoline, diesel, and Bi-Fuel. It also provides air-cooled engines. In addition, Generac designs, manufactures, sources and modifies engines, alternators, automatic transfer switches and other components necessary for its products. The Company’s generators are fueled by natural gas, liquid propane, gasoline, diesel and Bi-Fuel (combined diesel and natural gas). Generac Holdings Inc. is headquartered in Waukesha, Wisconsin. “
GNRC has been the subject of several other research reports. Canaccord Genuity reaffirmed a hold rating and set a $42.00 target price (up previously from $40.00) on shares of Generac Holdlings in a research note on Friday, September 8th. Bank of America Corporation raised shares of Generac Holdlings from an underperform rating to a neutral rating and increased their target price for the stock from $34.00 to $45.00 in a research note on Thursday, September 7th. KeyCorp raised shares of Generac Holdlings from a sector weight rating to an overweight rating and set a $55.00 target price for the company in a research note on Monday, October 2nd. BidaskClub raised shares of Generac Holdlings from a hold rating to a buy rating in a research note on Tuesday, October 3rd. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Generac Holdlings in a research note on Friday, September 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $48.83.
Generac Holdlings (NYSE:GNRC) traded up 1.81% during midday trading on Wednesday, reaching $49.98. 662,898 shares of the company’s stock traded hands. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 29.86 and a beta of 1.41. Generac Holdlings has a 1-year low of $33.77 and a 1-year high of $50.29. The firm’s 50-day moving average is $44.07 and its 200-day moving average is $38.16.
Generac Holdlings (NYSE:GNRC) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.05. The company had revenue of $395.40 million during the quarter, compared to analyst estimates of $383.14 million. Generac Holdlings had a net margin of 7.00% and a return on equity of 46.60%. Generac Holdlings’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. Analysts forecast that Generac Holdlings will post $2.98 earnings per share for the current year.
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In other news, CEO Aaron Jagdfeld sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $40.44, for a total value of $202,200.00. Following the completion of the transaction, the chief executive officer now owns 1,039,911 shares of the company’s stock, valued at $42,054,000.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 15,000 shares of company stock valued at $619,400. Insiders own 3.00% of the company’s stock.
A number of large investors have recently modified their holdings of GNRC. Victory Capital Management Inc. raised its holdings in Generac Holdlings by 51.8% in the first quarter. Victory Capital Management Inc. now owns 3,269 shares of the technology company’s stock valued at $122,000 after acquiring an additional 1,116 shares in the last quarter. Invictus RG raised its holdings in Generac Holdlings by 940.9% in the first quarter. Invictus RG now owns 3,893 shares of the technology company’s stock valued at $145,000 after acquiring an additional 3,519 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Generac Holdlings by 93.6% in the first quarter. Envestnet Asset Management Inc. now owns 4,813 shares of the technology company’s stock valued at $179,000 after acquiring an additional 2,327 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Generac Holdlings by 10.6% in the second quarter. Public Employees Retirement System of Ohio now owns 5,873 shares of the technology company’s stock valued at $212,000 after acquiring an additional 565 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new stake in Generac Holdlings in the first quarter valued at approximately $219,000. 96.59% of the stock is currently owned by hedge funds and other institutional investors.
About Generac Holdlings
Generac Holdings Inc (Generac) is a designer and manufacturer of power generation equipment and other engine powered products. The Company serves the residential, light commercial, industrial, oil and gas, and construction markets. Its segments include Domestic and International. The Domestic segment includes the Generac business.
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