Generac Holdlings Inc. (GNRC) Upgraded to Neutral at Bank of America Corporation
Bank of America Corporation upgraded shares of Generac Holdlings Inc. (NYSE:GNRC) from an underperform rating to a neutral rating in a report released on Thursday. Bank of America Corporation currently has $45.00 target price on the technology company’s stock, up from their prior target price of $34.00.
Other equities research analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Generac Holdlings from a sell rating to a hold rating in a research note on Tuesday, August 8th. Zacks Investment Research upgraded shares of Generac Holdlings from a sell rating to a hold rating in a research note on Monday, August 7th. Stifel Nicolaus restated a hold rating and issued a $41.00 target price on shares of Generac Holdlings in a research note on Thursday, August 3rd. Wolfe Research assumed coverage on shares of Generac Holdlings in a research note on Tuesday, July 11th. They issued a market perform rating on the stock. Finally, ValuEngine upgraded shares of Generac Holdlings from a hold rating to a buy rating in a research note on Thursday, July 6th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $43.50.
Shares of Generac Holdlings (NYSE:GNRC) traded down 1.98% during mid-day trading on Thursday, reaching $42.00. 1,038,594 shares of the company traded hands. Generac Holdlings has a 52-week low of $33.77 and a 52-week high of $44.84. The stock has a market capitalization of $2.61 billion, a PE ratio of 25.09 and a beta of 1.39. The stock’s 50 day moving average is $37.91 and its 200 day moving average is $36.92.
Generac Holdlings (NYSE:GNRC) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.05. The firm had revenue of $395.40 million for 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%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. On average, analysts anticipate that Generac Holdlings will post $2.95 earnings per share for the current year.
In related news, CEO Aaron Jagdfeld sold 5,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $36.50, for a total transaction of $182,500.00. Following the transaction, the chief executive officer now owns 1,049,911 shares in the company, valued at approximately $38,321,751.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 15,000 shares of company stock worth $563,100 in the last 90 days. 3.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GNRC. Victory Capital Management Inc. lifted its position in Generac Holdlings by 51.8% during the 1st quarter. Victory Capital Management Inc. now owns 3,269 shares of the technology company’s stock worth $122,000 after buying an additional 1,116 shares in the last quarter. Invictus RG lifted its position in Generac Holdlings by 940.9% during the 1st quarter. Invictus RG now owns 3,893 shares of the technology company’s stock worth $145,000 after buying an additional 3,519 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Generac Holdlings by 93.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,813 shares of the technology company’s stock worth $179,000 after buying an additional 2,327 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Generac Holdlings by 10.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,873 shares of the technology company’s stock worth $212,000 after buying an additional 565 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new position in Generac Holdlings during the 1st quarter worth about $219,000. Institutional investors and hedge funds own 96.64% of the company’s stock.
Generac Holdlings Company Profile
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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